Crude Prices were seen trading higher on Tuesday as the market focus on the release of the US inventories data which is expected to show a fall.
Futures for the North American West Texas Intermediate (WTI) for July delivery gained 0.22% to $104.64 a barrel on the New York Mercantile Exchange at the time of writing.
While the European Benchmark Brent crude for July settlement added 0.11% to $110.11 a barrel on the ICE Futures Europe exchange based in London.
While oil traders wait for the US crude oil inventories report to be released by the Energy Information Administration (EIA) later in the day, the market is expecting to see a drop by 1.5 million barrels in oil stockpiles in the week ending June 6, following the fall of 3.4 million barrels seen in the previous week.
Traders will also be focusing on a separate release from the American Petroleum Institute scheduled for release later in the day.
Free Reports:
The Organization of the Petroleum Exporting Countries (OPEC) will be holding their first meeting of the meeting in Vienna on Wednesday. The 12-member group is expected to release the figures for oil production quota.
Meanwhile in Libya, tensions eased after the rebels in the east who hold control over the Hariga and Zueitina oil terminals after the Prime Minister Ahmed Maiteg agreed to step down after the top court annulled the election last week.
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