Oil prices were up in early trade on Tuesday ahead of data later expected to show a draw in U.S. crude oil and gasoline inventories, though persistent concerns over a slowdown in China's economy limited the upside.
U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday.
The Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due to release its own data on Wednesday.
U.S. economic data over recent weeks has bolstered expectations for the Fed to keep rates higher for longer, putting a dampener on the demand outlook for oil and a broad range of consumer goods.
Moreover, gloom over the economic outlook in China, the world's second biggest oil consumer, has also pressured oil prices.
Persons:
pumpjack, Brent
Organizations:
. West Texas, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, PMI, Federal, Jackson, ANZ Research, Fed, Eurasia Group
Locations:
Bakersfield, Kern County , California, USA, China, Brent, U.S, Beijing, Eurasia