Investing.com - U.S. oil futures weakened on Tuesday, as investors looked ahead to weekly supply data out of the U.S. to gauge the strength of oil demand from the world’s largest consumer. On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in April traded in a range between $102.03 a barrel and $102.87 a barrel. Nymex oil prices last traded at $102.15 a barrel during European morning hours, down 0.65%. The April contract rallied to $103.45 a barrel on Monday, the most since October 10, before trimming gains to settle at $102.82 a barrel, up 0.61%. Nymex oil futures were likely to find support at $101.69 a barrel, the low from February 21 and resistance at $103.45 a barrel, the high from February 24. The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 1.4 million barrels in the week ended February 21. The data was also expected to show that distillate stockpiles, including heating oil and diesel, decreased by 1.5 million barrels, as frigid weather conditions in the U.S. Northeast boosted demand for oil products, such as heating fuel. Meanwhile, market players also looked ahead to key U.S. economic data later in the day for further indications on the strength of the economy and the future course of monetary policy. The U.S. is to release a closely-watched report on consumer confidence, as well as private sector data on house price inflation. Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for April delivery inched down 0.35% to trade at $110.21 a barrel, while the spread between the Brent and U.S. crude contracts stood at $8.06 a barrel.

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