Crude prices drop ahead of inventories data

Oil prices were lower on Tuesday ahead of new US inventories data, due Wednesday. Gasoline stockpiles are expected to rise by around 1.1 million barrels with a hoped-for gain in refinery utilization. Also helping prices decline was the end over the weekend of a strike in Nigeria. However, earlier reports that a Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B) export terminal would be reopened next month were denied by a representative of the company, who said that damages must still be repaired before the terminal can resume operation.

Brent crude for July delivery was $1.06 lower to $70.30 per barrel on the Intercontinental Exchange in London. Meanwhile, August contracts for West Texas Intermediate crude fell $1.20 to $67.98 on the New York Mercantile Exchange.