Oil Prices End Higher As Traders Await Weekly Data On U.S. Crude Supplies

Oil prices settled higher Tuesday, recouping a portion of the losses they suffered a day earlier as traders weighed estimates on global production, ahead of weekly data on U.S. petroleum supplies. The American Petroleum Institute will issue inventory figures late Tuesday, with official data from the Energy Information Administration due out early Wednesday. Analysts polled by S&P Global Platts forecast an increase of 3.25 million barrels for crude inventories. March West Texas Intermediate crude rose 27 cents, or 0.5%, to settle at $53.20 a barrel on the New York Mercantile Exchange.