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Oil prices rose more than 2 percent on Tuesday as expectations that U.S. crude inventories dropped in the latest week boosted prices after the previous day's slide.
Oil got an early boost as U.S. equity markets rose on strong consumer confidence data in the world's No. 1 economy. As Wall Street retraced much of those gains, oil prices remained up.
Industry group American Petroleum Institute will issue a weekly report on U.S. inventories after Tuesday's market settlement at 4:30 p.m. EDT (2030 GMT).
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A preliminary Reuters poll on Monday said U.S. crude stockpiles likely fell 500,000 barrels last week, a third straight week of drawdowns.
Genscape, a market intelligence firm, has also alluded to lower stockpiles by suggesting a draw of about 1 million barrels last week at the Cushing, Oklahoma delivery point for U.S. crude inventories.