WTI crude oil rose as high as $92.65 on news of curbed Russia pipeline flows but later gave back the gains to settle 26-cents lower to $90.50.
The private oil inventory data from the API is due at 4:30 pm ET and will be the next market mover. The consensus for this week's EIA report due on Wednesday is:
- Crude +73K
- Gasoline -633K
- Distillates -667K
But all eyes will be on curiously low implied demand figures in the EIA report. That contrasts with private data showing ongoing healthy demand.
Meanwhile, today US national average gas prices hit $3.99 per gallon for the first time in months.
