Investing.com - Oil futures traded slightly lower during Tuesday’s Asian session as traders await retail sales data from the U.S. later Tuesday. On the New York Mercantile Exchange, light, sweet crude futures for September delivery inched down 0.06% to USD106.05 per barrel in Asian trading Tuesday. The September contracted settled slightly higher by 0.13% at USD106.11 per barrel during Monday trade. Oil prices got a bit of bounce due to Japan’s second-quarter GDP, which although it missed estimates, showed the world’s third-largest economy is growing. Preliminary data released earlier revealed that Japan’s economy grew by 0.6% in the second quarter, falling short of expectations for 0.9% growth. Japan's gross domestic product rose 2.6% on year during the April-to-June quarter, below forecasts for an increase of 3.6%. On Tuesday, official data on U.S. retail sales is due for release, and a strong showing could spark a rally by stoking sentiments that the world's largest economy is gaining steam and will demand more fuel and energy going forward. Elsewhere, Mexican President Enrique Peña Nieto on Monday proposed legislation to allow foreign oil companies to participate in the country’s oil industry for the first time 75 years. While Mexico, which is not an OPEC member, is among Latin America’s top oil producers, production there has been in decline for years and it is hoped that by opening the country’s oil industry to foreign investment that output will increase. Pemex, Mexico’s state-controlled oil producer, accounts for a third of government revenue and for that reason, some Mexicans are reluctant to see the company entertain partnerships with foreign oil firms. Meanwhile, Brent crude for October delivery inched down 0.02% to USD107.76 per barrel on the ICE Futures Exchange.

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