Crude oil futures cooled a bit on Tuesday ahead of the inventory data and after Opec said it expected a surge in North American shale output to cap demand for the cartel’s crude oil. OPEC in its 2017 World Oil Outlook revised upwards North American shale oil to 5.1 million barrels per day (bpd) from 4.1 million bpd, citing the recent rally in crude prices as one of the catalysts to drive up shale output. The U.S. Energy Information Agency in separate report also revised upwards its estimate for domestic crude oil production.

Benchmark crude oil futures for December delivery ended lower by $0.15 or 0.3 percent at $ 57.20 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by 57 cents to $63.71 a barrel on the ICE.

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