Crude prices fall ahead of supplies data
Crude prices dropped Tuesday as the market was awaiting U.S. crude inventories data due to be released Wednesday.
The Energy Information Administration is scheduled to report the U.S. crude supplies data for the week ended Aug. 1. Traders expected that the U.S. refineries would have operated at a lower level in the past week due to reduced demand. A Kansas refinery, which uses crude from Cushing, Oklahoma oil-trading hub, was closed last week after a fire and may remain idle for four weeks.
OPEC daily basket price stood at $102.23 a barrel Tuesday, 5 August 2014 compared with $102.59 the previous day, according to OPEC Secretariat calculations