Crude oil futures ended little changed on Tuesday, as traders weighed demand prospects and global crude supply position, ahead of weekly oil reports.
While a likely possibility of a drop in global energy demand due to the impact of the ongoing trade issues weighed on the commodity, possible supply disruptions due to geopolitical tensions and fresh sanctions on Iran supported oil prices.
West Texas Intermediate crude oil futures for August ended down $0.07, or less than 0.1%, at $57.83 a barrel.
On Monday, WTI crude oil futures for August ended up $0.47, or about 0.8%, at $57.90 a barrel, the highest settlement since May 29, 2019.
U.S. President Trump signed an executive order on Monday that included sanctions on Iran's Supreme Leader, Ayatollah Ali Khamenei, as well as the Supreme Leader's Office.
Trump's order will deny Iran's leadership access to financial resources and authorizes the targeting of persons appointed to certain positions by the Supreme Leader or the Supreme Leader's Office.
Any foreign financial institution that knowingly facilitates a significant financial transaction for entities designated under the order could be cut off from the U.S. financial system.
The International Energy Agency, in a recent report, revised down its estimate for crude demand growth in 2019, citing the U.S.-China trade row.
Markets are looking ahead to the upcoming meeting of the OPEC members and their allies. The group is expected to discuss about extending their output reduction beyond June.
Later in the day, the American Petroleum Institute is scheduled to release its weekly oil report. On Wednesday morning, the Energy Information Administration will release its crude inventory data.