NYMEX, Brent fall in Asia as investors await API estimates

Investing.com - Investing.com - Crude oil prices dropped further in Asia on Tuesday as investors looked ahead to U.S. industry data on stockpiles.

Crude oil for August delivery on the New York Mercantile Exchange fell 1.22 to $48.39 a barrel. On the ICE Futures Exchange in London, Brent oil for September delivery eased 0.74% to $49.73 a barrel.

Later Tuesday, the American Petroleum Institute will release its estimates of crude and refined product stockpiles at the end of last week. The data will be followed on Wednesday by more closely-watched figures from the U.S. Department of Energy.

Overnight, oil prices struggled for direction in North American trade on Monday, flipping between small gains and losses as market players monitored supply disruptions across the world for further indications on the rebalancing of the market.

The Niger Delta Avengers militant group has claimed responsibility for five new attacks on Nigeria's oil infrastructure over the weekend, dealing a blow to the government's effort to enforce a cease-fire.

Volumes were expected to be thin, as U.S. stock markets are closed for the Independence Day holiday. Trading in oil futures will

Signs of a potential recovery in U.S. drilling activity remained in focus. According to oilfield services provider Baker Hughes, the number of rigs drilling for oil in the U.S. rose by 11 last week to 341, marking the fourth increase in five weeks.

The renewed gain in U.S. drilling activity fueled speculation that domestic production could be on the verge of rebounding in the weeks ahead, underlining worries over a supply glut.