MANTHANTIPS:- Oil turns higher ahead of API supply report
Oil prices erased earlier losses in North American trade on Tuesday, as market players looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products. The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles fell by 1.0 million barrels in the week ended August 5. Gasoline inventories are expected to decline by 1.2 million barrels while stocks of distillates, which include heating oil and diesel, are forecast to rise by 375,000 barrels, according to analysts. Crude oil for September delivery on the New York Mercantile Exchange tacked on 28 cents, or 0.65%, to trade at $43.30 a barrel by 13:37GMT, or 9:37AM ET. On Monday, New York-traded oil futures jumped $1.22, 2.92%, as fresh hopes for an agreement among exporters to freeze production underpinned the market.