Oil little changed as market eyes supply data

The Reliance Industries Limited petrochemical plant at Hazira in western India , Photo Credit: Courtesy Reliance Industries
The Reliance Industries Limited petrochemical plant at Hazira in western India , Photo Credit: Courtesy Reliance Industries

NEW YORK (AP) — The price of oil was little changed Tuesday as the market awaits the latest data on U.S. crude oil and gasoline supplies.

By early afternoon in New York, U.S. benchmark crude for September delivery was down 5 cents at $106.89 on the New York Mercantile Exchange.

The government’s weekly report on America’s inventories of crude is expected to show another drop in supplies. Falling supplies helped propel the price of oil to a 16-month high before the price dropped by $1.14 a barrel Monday.

A survey by Platts, the energy information arm of McGraw-Hill Cos., shows analysts expect a decline in crude oil inventories of 2.6 million barrels for the week ended July 19. That would bring the four-week drop to nearly 30 million barrels.

The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department’s Energy Information Administration — the market benchmark — will be out on Wednesday.

Brent crude, traded on the ICE Futures exchange in London, was up 24 cents at $108.39 a barrel.

In other energy futures trading on the Nymex:

— Wholesale gasoline rose 2 cents to $3.07 a gallon.

— Heating oil was flat at $3.07 a gallon.

— Natural gas gained 6 cents to $3.74 per 1,000 cubic feet.

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AP Writer Pablo Gorondi in Budapest contributed to this report.

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