U.S. oil prices top $61 ahead of API supply data

West Texas Intermediate oil futures edged higher on Tuesday, as traders looked ahead to weekly data on U.S. stockpiles of crude and refined products later in the day.

The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles fell by 1.8 million barrels in the week ended June 19.

Crude oil for August delivery rose 65 cents, or 1.08%, to trade at $61.03 a barrel during U.S. morning hours after hitting an intraday peak of $61.11.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for August delivery tacked on 89 cents, or 1.4%, to trade at $64.23 a barrel.

The spread between the Brent and the WTI crude contracts stood at $3.20 a barrel, compared to $2.96 by close of trade on Monday.

Meanwhile, investors continued to monitor developments surrounding talks between Greece and its international creditors, amid hopes that a deal was within sight.

Euro zone finance ministers failed to reach agreement over Greece’s bailout at an emergency meeting on Monday, but indicated that a final deal could be made later this week.

Greece’s existing bailout is set to expire at the end of this month, when it must also repay €1.6 billion to the IMF. A default by Greece could trigger the country’s exit from the euro zone.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 1.1% to 95.56.

Demand for the greenback strengthened after Federal Reserve Governor Jerome Powell said Tuesday that the conditions needed for the first rate hike could potentially be satisfied "as soon as September."

Powell said was a 50-50 chance of a rate hike at the Fed's September meeting and added that he envisions a second hike in December.

On the data front, the U.S. Commerce Department said new home sales jumped by 2.2% to a seven-year high of 546,000 units last month, compared to expectations for a gain of 1.5% to 525,000.

A separate report showed that U.S. durable goods orders fell more than expected in May, while core orders also missed forecasts.