Building permits for upcoming projects rose to their highest level since October of last year while data about housing starts was minimally changed. A poll administered by the news source indicated confidence that U.S. inventories grew for a ninth consecutive week. Official data is set to be released on Wednesday by the Energy Information Administration, an arm of the U.S. Energy Department.
"The market is a little optimistic about the U.S. economy and the demand outlook," senior market analyst Phil Flynn with the Price Futures Group in Chicago told the news source on Tuesday. "Building permits are increasing and housing starts are not bad. The market is waiting for tomorrow's inventory report."
At 9:47 a.m. on Tuesday, WTI crude oil futures edged up 0.28 percent, a 27-cent increase to $98.35 per barrel. At 9:46 a.m. on Tuesday, Brent crude oil futures edged down 0.08 percent, an 8-cent loss to $106.16 per barrel.
Reuters reports Iran shipped more oil last month than it was permitted under sanctions levied by the U.S. and European nations.
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