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Brent futures have established a discount against deferred futures all the way out into next year, with this newly acquired contango sending off some very strong bearish vibes suggestive of further slippage in European refinery demand for barrels," Jim Ritterbusch at Ritterbusch and Associates said in a note.

Market participants also are looking for cues from the U.S. Energy Information Administration's weekly report on the nation's oil inventories, slated to be released at 1430 GMT.

According to estimates from 12 analysts surveyed by Dow Jones Newswires, U.S. crude-oil stockpiles fell by a million barrels in the week ended June 15. The consensus estimate saw gasoline stocks rising by 400,000 barrels and distillate stocks, including heating oil and diesel fuel, rising 700,000 barrels. Refiners are expected to keep operations unchanged from the week-earlier level of 92% of capacity.

Meanwhile,

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DOW  52.30 | NAS  5.69 | S&P  2.87
(Data as of 2013-05-21 4:36 EDT)

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