Oil weakens ahead of OPEC, DOE reports

Oil futures extended their decline in electronic trade early Tuesday ahead of key energy forecasts due out later in the day.

U.S. benchmark crude’s July contract  lost 12 cents, or 0.1%, to $95.65 a barrel, extending a 0.3% loss during Monday’s New York Mercantile Exchange trade which sent the futures below the $96 mark.

The losses preceded the release of month forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and the U.S. Department of Energy.

The markets were also waiting on weekly U.S. supply data from the American Petroleum Institute.

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