Front-month oil futures contracts settled higher for a third straight session on Tuesday, ahead of U.S. government data that are expected to reveal a weekly decline in domestic crude stockpiles, following back-to-back weekly supply increases.
West Texas Intermediate crude for September delivery tacked on 13 cents, or 0.2%, to finish at $56.34 a barrel on the New York Mercantile Exchange, shaking off earlier losses. The front-month contract, which expired at the end of the day’s regular trading session, gained 2.4% on Monday. The most-active, and new front-month October WTI contract shed a penny to settle at $56.13.
The October contract for global benchmark Brent crude edged 29 cents, or 0.5%, higher at $60.03 a barrel on ICE Futures Europe, with prices settling back above $60 for the first time in a week.
On Nymex Tuesday, September gasoline rose 1.7 cents, or 1%, to $1.6811 a gallon and September heating oil added 2.1 cents, or 1.2%, to $1.8543 a gallon.