Oil futures slip ahead of U.S. inventory data

HONG KONG (MarketWatch) -- Oil futures pulled back on Tuesday as investors await weekly data on U.S. crude supplies.

Crude oil for January (CLF4)   fell 20 cents, or 0.2%, to $97.28 a barrel in electronic trading.

Oil prices on Monday rose 88 cents, or 0.9%, to settle at $97.48 a barrel, on the prospect of tighter supplies after Libyan rebels refused to open three oil ports .

The American Petroleum Institute will release its weekly inventory report later Tuesday, at 4:30 p.m. Eastern, followed on Wednesday by weekly data from the U.S. Energy Information Administration.

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U.S. crude oil stocks are expected to have fallen 4 million barrels during the week ended Dec. 13, according to oil analysts surveyed by the Platts.

Crude supplies have fallen more than 16 million barrels during the past three reporting weeks.

Meanwhile, U.S. distillate stocks are expected to have fallen 1 million barrels last week, while gasoline stocks are estimated to have increased 1.4 million barrels, the Platts survey said.

In other trading on Tuesday, Brent crude for January delivery (UK:LCOF4)   climbed $1.63, or 1.5%, to $110.46 a barrel.

January gasoline (RBF4)   inched up less than 1 cent to $2.65 a gallon, while January heating oil (HOF4)   was unchanged at $2.99 a gallon. January natural gas (NGF14)   added 1 cent, or 0.3%, to $4.29 per million British thermal units.