Crude oil futures logged a fourth consecutive gain and rose to the highest level in two weeks ahead of government inventory data on Wednesday.

Data from the the Energy Information Administration is expected to show US crude oil stockpiles rose by 2.4m barrels. Gasoline stocks are expected to fall by 1.2m barrels while distillates, which is used in diesel and heating oil, are expected to fall by 1.9m barrels.

Late Tuesday the American Petroleum Institute said crude oil stocks dropped 1.4m barrels. Gasoline stocks declined 3.1m barrels while distillates, used in diesel and heating oil, dropped by 2.2m barrels.

Optimism about increased oil demand, following upbeat US economic data, also boosted interest in oil.

Crude for April delivery rose 48 cents to $92.54 a barrel on the New York Mercantile Exchange.

Meanwhile on the London based ICE futures exchange Brent crude receded 57 cents to settle at $109.65 a barrel.

Among precious metals gold also rose to a two-week high on Tuesday after almost a week of range bound trading.

Gold for April delivery advanced $13.70 to settle at $1,591.70 an ounce on the Comex division of the New York Mercantile Exchange.



CJ

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