2019.03.2615:34:00UTC+00Oil Futures End Sharply Higher Ahead Of Inventory Data

Crude oil futures ended sharply higher on Tuesday, ahead of weekly oil inventory data.

Even as demand growth worries persisted amid continued concerns about global economic slowdown, oil prices advanced today amid hopes crude oil stockpiles may have dropped in the week ended March 22nd.

The American Petroleum Institute is scheduled to release its weekly oil report later in the day. The official data from Energy Information Administration is due at 10:30 AM ET Wednesday.

West Texas Intermediate Crude oil futures for May ended up $1.12, or 1.9%, at $59.94 a barrel.

On Monday, crude oil futures for May ended down $0.22, or 0.4%, at $58.82 a barrel, after suffering a loss of 1.6% last Friday.

The ongoing supply cuts led by OPEC and non-affiliated allies like Russia to the tune of 1.2 million barrels per day this year may well tighten supply in the market and push up prices going forward.

Additionally, the U.S. sanctions against Iran and Venezuela also aided oil's uptick.

Meanwhile, fears over a possible U.S. recession are fading after U.S. 10-year Treasury yields recovered a bit from 2017 lows hit in the previous session.

On Monday, Chicago Federal Reserve Bank President Charles Evans put the chances of a recession at no more than 25%.

Former Federal Reserve Chair Janet Yellen also believes the economy is not headed toward a recession. Speaking at a Credit Suisse forum on Asian investment in Hong Kong on Monday, Yellen said that the slowdown in U.S. growth is something that was long expected and it is unlikely to drop to a level that will cause a recession.