MTECHTIPS:-Oil pulls back as focus shifts to U.S. stockpile data

MTECHTIPS:-Oil pulls back as focus shifts to U.S. stockpile data

MTECHTIPS- Oil prices pulled back during North American morning hours on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products. Industry group the American Petroleum Institute is due to release its weekly report at 4:30 PM ET (21:30 GMT) later on Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock rise of 2.9 million barrels. Last week’s numbers showed U.S. output helped boost crude inventories to record highs, feeding concerns about a global glut. The U.S. West Texas Intermediate crude April contract lost 54 cents, or around 1%, to $53.48 a barrel by 9:10 AM ET (14:10 GMT). Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London declined 57 cents to $55.85 a barrel. According to market experts, failure to break through the upper range of a recent trading band dampened sentiment. Oil prices have been trading in a narrow $5 range around the mid-$ 50 s over the past two months as sentiment in oil markets has been torn between hopes that oversupply may be curbed by output cuts announced by major global producers and expectations of a rebound in U.S. shale production

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