Investing.com - Crude oil futures edged lower on Tuesday, giving back some of the previous session’s strong gains as investors looked ahead to key U.S. weekly supply data to gauge the strength of oil demand from the world’s largest consumer. On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD92.87 a barrel during European morning trade, down 0.6% on the day. New York-traded oil prices fell by as much as 0.7% earlier in the day to hit a session low of USD92.82 a barrel. Oil futures rallied 1.5% on Monday as the U.S. dollar weakened broadly after data showed that activity in the U.S. manufacturing sector contracted for the first time in six months in May. The Institute for Supply Management said its index of purchasing managers fell to 49.0, the lowest level since June 2009 and below the 50 level that separates contraction from growth. The weak data dampened expectations that the Federal Reserve will start to unwind its USD85 billion-a-month asset purchase program later this year. Oil traders now looked ahead to the release of fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer. The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles fell by 0.2 million barrels. Investors are also awaiting Friday’s closely watched report on U.S. nonfarm payrolls for further clues regarding the strength of the U.S. economy. The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand. Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery shed 0.4% to trade at USD101.69 a barrel, with the spread between the Brent and crude contracts standing at USD8.82 a barrel.

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