Oil Prices Settle Higher on Tuesday as Traders Await Supply Reports

Oil futures took a positive turn on Tuesday, settling higher as traders awaited an update on domestic crude supplies, according to Bloomberg MarketWatch.

January West Texas Intermediate crude rose 41 cents, or 0.7%, to settle at $56.83 a barrel on the New York Mercantile Exchange.

January Brent crude, the global benchmark, added 35 cents, or 0.6%, to end trading at $62.57 a barrel on the London ICE Futures Exchange.

The market will get an update on domestic production and supplies from the Energy Information Administration on Wednesday while the American Petroleum Institute will release its own data late Tuesday.

Forecasts for the EIA data call for a fall of 2.1 million barrels in crude supplies, according to a survey of analysts conducted by S&P Global Platts. That would mark the first decline in three weeks.

Meanwhile, December natural gas settled at $3.017 per million British thermal units, down 1%, on the New York Mercantile Exchange. The EIA weekly update on natural-gas supplies will be released a day early, at noon on Wednesday due to Thursday’s Thanksgiving holiday.