Oil reversed early losses to turn positive on Tuesday, as investors awaited crude oil inventory data from the United States that was expected to show a shrinking supply overhang. Brent futures LCOc1 had gained 26 cents to $48.34 a barrel by 1242 GMT, after closing down 37 cents in the previous session. U.S. crude futures CLc1 rose 14 cents to $48.49 a barrel, having settled down 33 cents the day before. Commercial crude stocks in the United States likely fell by around 2.5 million barrels to 538.8 million in the week ended May 20, a Reuters poll showed. The American Petroleum Institute releases inventory data later on Tuesday, while figures from the U.S. government's Energy Information Administration are due on Wednesday.
National Average Price for Regular – Current: $2.481; Month Ago: $2.656; Year Ago: $2.253.
National Average Price for Diesel – Current: $2.726; Month Ago: $2.717; Year Ago: $2.412.