By Wayne Ma Of DOW JONES NEWSWIRES SINGAPORE (Dow Jones)--Crude-oil futures were mixed Tuesday in Asia as traders sat on the sidelines ahead of weekly U.S. oil inventory data and an Organization of Petroleum Exporting Countries meeting due later this week. "While the needs for higher OPEC crude are very clear from market balances, members have been cautious, with Iran, in particular, remaining hawkish with regards to any possible output hike at the upcoming meeting," Barclays Capital analysts said in a note to investors. "While there seems to be some accord between OPEC members about the market being well-supplied and hence not in need of OPEC's crude, political tensions are likely to play a prominent role." On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $98.90 a barrel at 0718 GMT, down $0.11 in the Globex electronic session. July Brent crude on London's ICE Futures exchange rose $0.03 to $114.51 a barrel. Although traders will be watch closely to see whether OPEC decides to raise production levels, the "more important story is OPEC's level of spare capacity," Goldman Sachs analysts said in a note. "We expect OPEC will raise actual production levels in second-half 2011 and will need to move to operating at its (maximum) capacity limits in 2012." It's only a matter of time until global oil inventories and OPEC spare refining capacity are exhausted, requiring higher oil prices to restrain demand, keeping it in line with available supplies, Goldman Sachs analysts said. Meanwhile, some attention will be focused on oil inventories due Wednesday from the U.S. Energy Information Administration. Crude stockpiles are expected to fall by 900,000 barrels, gasoline stocks may rise by 400,000 barrels and distillate stocks, which include diesel fuel and heating oil, could decline by 400,000 barrels, according to the average estimates of seven analysts polled by Dow Jones Newswires. Nymex reformulated gasoline blendstock for July--the benchmark gasoline contract--rose 59 points to $2.9558 a gallon, while July heating oil traded at $3.0156, 18 points lower. ICE gasoil for June changed hands at $947.50 a metric ton, down $2.50 from Monday's settlement. -By Wayne Ma, Dow Jones Newswires; +65 6415 4065; wayne.ma@dowjones.com

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