Oil prices dip ahead of U.S. stocks data

News Snapshot:

Oil prices slipped on Tuesday ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark’s price structure indicating bulls are retreating. By 0916 GMT, Brent crude futures were down 41 cents, or 0.6 per cent, at $73.77 a barrel, while U.S. West Texas Intermediate (WTI) futures fell 42 cents, or 0.6 per cent, to $68.95 a barrel, erasing some earlier gains. Both contracts are trading broadly in the middle of a $10 a barrel range traced since early May. U.S. inventory data from the American Petroleum Institute industry group is due...