U.S. Oil prices dropped Tuesday as stocks retreated on profit-taking.
U.S. stocks dipped as investors took a breather after the Dow Jones Industrial Average and the S&P 500 closed at all-time highs on Monday.
The Energy Information Administration will release its weekly oil inventories report Wednesday. Traders expected a decline of 2. 5 million barrels in crude stocks by the week ended July 12.
The economic data came in Tuesday generally were positive, but failed to push the U.S. oil price higher as traders chose to take profit after the market posted impressive performances in July.
U.S. builder confidence in the market for newly built, single- family homes rose to 57 in July, the strongest reading since January of 2006, according to the National Association of Home Builders/Wells Fargo Housing Market Index released Tuesday.
Moreover, U.S. industrial production increased 0.3 percent in June after having been unchanged in May.
Light, sweet crude for August delivery lost 0.32 dollars, to settle at 106 dollars a barrel on the New York Mercantile Exchange.
Brent for August delivery went up 0.31 dollars, to close at 109. 4 dollars a barrel.