MTECHTIPS Crude oil futures edge higher ahead of U.S. data, OPEC meeting

MTECHTIPS:-Crude oil futures edge higher ahead of U.S. data, OPEC meeting

Crude oil futures edged higher on Tuesday, as investors eyed the release of U.S. economic reports later in the day, while market players also shifted their focus to a meeting of the Organization of the Petroleum Exporting Countries in Vienna later this week. OPEC is forecast to keep its supply target unchanged on May 31. On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD94.48 a barrel during European morning trade, up 0.35% on the day. New York-traded oil prices held in a range between USD93.55 a barrel, the daily low and a session high of USD94.54 a barrel. Nymex floor trading, which was closed for Monday’s U.S. Memorial Day holiday, will resume Tuesday. Later in the day, the U.S. was to release private sector data on house price inflation and a report on consumer confidence. The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.  Oil prices have been under heavy selling pressure in recent sessions as concerns over the global economic outlook and the impact on future oil demand prospects dampened the appeal of the commodity. Oil futures fell to a three-week low of USD92.24 a barrel last Thursday after data showed that manufacturing activity in China contracted for the first time in seven months in May. The next slice of Chinese economic data to come out will be the official purchasing managers' index due on Saturday.