Crude oil futures were lower Tuesday morning ahead of U.S. oil inventories.
The American Petroleum Institute reports its weekly survey on U.S. stockpiles this afternoon, followed tomorrow by the Energy Information Administration’s official data.
WTI light sweet oil was down 20 cents at $63.72 a barrel.
Oil lost some momentum amid reports that Saudi Arabia wants to end their supply quota plan by 2019.
Saudi Arabian oil minister Khalid al-Falih: “A study is taking place and once we know exactly what balancing the market will entail we will announce what is the next step. The next step may be easing of the production constraints,” he said, according to multiple reports.
“My estimation is that it will happen sometime in 2019. But we don’t know when and we don’t know how.”