Fall in crude oil stocks, oil trading tips

Oil traders will look out for weekly US government inventory data on Wednesday, which is expected to show a 1.8 million-barrel fall in crude oil stocks, a 600,000-barrel rise in gasoline stocks and 900,000-barrel rise in distillate stocks, based on a preliminary Reuters poll. The American Petroleum Institute (API) will issue its report later in the day.

With oil rising almost $20 since the end of April, there were concerns that speculation in the market had pushed oil prices up too high, too fast. OPEC Secretary General Abdullah al-Badri said too quick a rise in oil prices could harm a global economic recovery, though a price of $80 a barrel would not stem growth.