Oil prices inched up early on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States. Brent crude futures, the international benchmark for oil prices, were at $51.78 per barrel at 0026 GMT, up 12 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $47.52 a barrel, up 15 cents. U.S. crude oil stocks have been falling consistently in recent weeks. 

If the downtrend in oil inventories is maintained, then a bullish case can be made for oil, especially given the ongoing supply restrictions from OPEC. U.S. commercial crude inventories have fallen by almost 13 percent from their March peaks, to 466.5 million barrels.

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