Oil falls more than 1% as US crude stockpiles expected to hit high

Oil fell more than 1 percent on Tuesday ahead of weekly US crude inventory data that is expected to hit another high and as Saudi Arabia pledged to supply more oil to China if needed.

US commercial crude stockpiles were expected to have risen for a 16th straight week last week, up from a record 489 million barrels even as drilling activity fell, a preliminary survey by Reuters showed on Monday.

Brent June crude futures had dropped 83 cents to $64.00 a barrel by 0152 GMT. US June crude had declined 85 cents to $56.14 a barrel.

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Posted in: Indian Market Tips