Crude oil prices are lower Tuesday morning, extending previous session's losses, ahead of weekly supply data.
The American Petroleum Institute will come out with its crude inventory data for the week ended December 26th, later today, while the U.S. Energy Information Administration will release its oil status report on Wednesday.
Crude oil futures for February delivery are down $0.40 or 0.74 percent at $53.21 a barrel, after dropping to $52.72, a fresh 5-1/2 year low.
On Monday, crude oil futures ended down $1.12 or 2.0 percent at $53.61 a barrel.
Oil trended lower as worries about excess supply outweighed speculations about possible supply disruption from Libya where a few oil tanks at Es Sider were on fire. The dollar's continued uptick against some major currencies, also contributed to the drop in oil prices yesterday.
Meanwhile, natural gas for February is down $0.051 or 1.61 percent at $3.148 per million btu.
At 9 am ET, S&P/Case-Shiller house price index for October is scheduled to be released. Economists expect the house price index to rise a seasonally adjusted 0.6 percent month-over-month.
The Conference Board is due to release the results of its consumer confidence survey for December at 10 am ET. The consensus estimate calls for an increase in the consumer confidence index to 93 in December from 88.7 in November.
The material has been provided by InstaForex Company – www.instaforex.com