Crude oil futures were higher Tuesday morning ahead of U.S. oil inventories data.
WTI light sweet crude oil was up 53 cents to $63.10 a barrel.
U.S. oil and gasoline stockpiles rose sharply last week, signaling a surprise decline in refinery demand as the driving season picks up.
The American Petroleum Institute releases its weekly survey this afternoon, followed tomorrow by the Energy Information Administration.
Meanwhile, the IEA said the US will be the world’s top oil producer within five years.
“The United States is set to put its stamp on global oil markets for the next five years,” Fatih Birol, the IEA’s Executive Director, said in a statement.
“But as we’ve highlighted repeatedly, the weak global investment picture remains a source of concern. More investments will be needed to make up for declining oil fields – the world needs to replace 3 mb/d of declines each year, the equivalent of the North Sea – while also meeting robust demand growth.”