Crude futures fall on index

Crude oil futures fell Tuesday in ahead of a Wednesday’s weekly U.S. crude oil stockpiles, which most analysts believe will show that U.S. crude oil inventories have increased.

While some analysts predict that crude oil inventories will drop, most are predicting that data will show that crude oil inventories have increased by 500,000 barrels this week.

IPE Brent for June delivery fell to $53.51 per barrel, down 89 cents, in late afternoon trading in London. Brent’s June deliveries had fallen to $53.42 earlier in the day. June Delivery West Texas Intermediate crude futures fell $1.12 to $53.36 per barrel on the New York Mercantile Exchange.

Petroleum products futures also went lower on the Nymex Tuesday. May Nymex unleaded gasoline fell to $1.6140 per gallon, down 3.67 cents, and May Nymex heating oil was down 2.61 cents to $1.4920 per gallon.

Prices were also affected by comments from OPEC officials that implied that the oil market was oversupplied. This came just one day after Saudi Arabia officials, meeting with the U.S. president, said that it would increase its output of crude oil if the market demanded it.