Oil prices turned higher Tuesday morning as traders and investors anticipated that U.S. data will show that a glut of oil is continuing to shrink. U.S. crude futures recently rose 28 cents, or 0.63%, to $44.68 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 29 cents, or 0.62%, to $47.17 a barrel.
Market participants are expecting that the U.S. Energy Information Administration will report a drop in U.S. stockpiles in its weekly report, due Wednesday morning. The weekly data has become an important barometer as investors and traders watch to see whether output reductions by the Organization of the Petroleum Exporting Countries and other major producers are helping to bring down global oil inventories.