Crude prices higher ahead of EIA report

Crude oil prices were higher Tuesday after equities markets saw gains and ahead of Wednesday’s weekly US inventories report from the Energy Information Administration.

The gains came even though analysts expect the report to say that crude oil stockpiles in the US were up by more than 3 million barrels last week, increasing already high levels of crude oil in storage.

Gasoline, inventories, however, are anticipated to have fallen during the week.

May contracts for West Texas Intermediate crude were $1.25 higher to $49.66 per barrel at the close of floor trade on the New York Mercantile Exchange.

Nymex May gasoline futures were 3 cents higher to $1.42 per gallon, while the retail price of a gallon of gas held steady at $2.048 per gallon on average in the United States as reported by AAA.

The pause in rising retail gasoline prices comes after thirteen consecutive days of increases.