Crude Oil Ends Lower Ahead Of Supply Data

(RTTNews) - U.S. crude oil moved down for an eighth straight session to end lower on Tuesday, ahead of the official weekly crude oil report from the Energy Information Administration after fluctuating for most of the session, amid easing fears of production disruption in Iraq and exports from Libya.

Investor hopes that the sectarian fighting in Iraq will spare strategic oil fields, and expectations of Libyan oil supplies to resume normal shipments further weighed on oil.

The official crude oil supply data will be released by the U.S. Energy Information Administration on Wednesday, and the American Petroleum Institute weekly oil report expected later this evening.

Light Sweet Crude Oil futures for August delivery, the most actively traded contract, dropped $0.13 or 0.1 percent to close at $103.40 a barrel on the New York Mercantile Exchange Tuesday.

Crude prices for August delivery scaled a high of $104.20 a barrel intraday and a low of $103.01.

On Monday, crude oil futures ended down, which was its lowest close since June 6.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 80.17 on Tuesday, down from its previous close of 80.22 late Monday in North American trade. The dollar scaled a high of 80.30 intraday and a low of 80.14.

The euro traded higher against the dollar at $1.3612 on Tuesday, as compared to its previous close of $1.3605 late Monday in North American trade. The euro scaled a high of $1.3620 intraday and a low of $1.3590.

In economic news from Europe, a report from German Statistical Office DESTATIS showed German manufacturing turnover to have slipped 1.9 percent month-over-month in May following the revised 0.5 percent increase in April.

Meanwhile, U.K. industrial production was down unexpectedly in May, declining 0.7 percent month-on-month, reversing a 0.3 percent rise in April, the Office for National Statistics said. Economists had forecast a 0.3 percent rise.

Eurozone investor sentiment recovered in July, with the Sentix indicator rising to 10.1 from June's 8.5, after weakening in the previous two months. Economists had forecast a lower score of 7.7. The economic expectations index climbed to 18.3 from 17 in the previous month and equaled May's score. The index rose for the first time in five months.

The Organization for Economic Cooperation and Development said the leading index continues to show stable growth momentum in the region. The composite leading indicators remained unchanged at 100.6 in May. The CLI for the United States continue to indicate stable growth momentum with the index rising to 100.6 in May from 100.5 in April. In the euro area, the CLI for May came in at 101.1, the same score as seen in April.

Meanwhile, International Monetary Fund Managing Director Christine Lagarde indicated a slight reduction to the institution's global growth outlook as investment remains subdued. The global economic outlook is to be released later this month.