Increased generation and climbing consumer confidence tempered losses to crude oil futures on Tuesday in the globe's largest consumer of the energy commodity, according to Bloomberg.
In anticipation of a U.S. Energy Department report set for release on Wednesday, Bloomberg analysts predicted supplies last week increased by roughly 350,000 barrels. The Conference Board issued a confidence index indicating the rate grew this month to its highest in more than 48 months.
"There is an expectation that U.S. oil production and inventories are still growing and the market balance is just not that tight," commodities research director Kyle Cooper with IAF Advisors in Houston told the news source on Tuesday. "Consumer confidence has definitely improved."
At 12:56 p.m. on Tuesday, WTI crude oil futures edged up 0.03 percent, a 3-cent lift to $87.77 per barrel. Brent crude oil futures fell 0.58 percent, a 64-cent loss to $110.28 per barrel.
Reuters reports losses endured by Brent crude oil futures were attributable to questions arising about budgetary negotiations in the U.S. amongst political leaders regarding the fiscal cliff.
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