U.S. petroleum supply data from the American Petroleum Institute, covering the week ended May 20, will be released late Tuesday, while a report from the Energy Information Administration comes Wednesday. Analysts polled by S&P Global Platts forecast across-the-board declines for crude and crude products. Crude stocks are forecast to be down 3.3 million barrels.
July West Texas Intermediate crude CLN6, +1.23% tacked on 54 cents, or 1.1%, to settle at $48.62 a barrel on the New York Mercantile Exchange. July Brent crude LCON6, +1.09% on London’s ICE Futures exchange added 26 cents, or 0.5%, to $48.61 a barrel.
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