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After both Reuters and Platts survey results were in agreement, saying that U.S. crude inventories had risen by somewhere between 2.3 and 2.8 million barrels for the week ending September 16th, Tuesday's American Petroleum Institute (API) report data showed that U.S. stockpiles had in fact dropped by 7.5 million barrels. The U.S. Energy Information Administration (EIA) official data on U.S. crude oil inventory levels is due to be released Wednesday.

Algerian energy minister, Noureddine Bouterfa, said on Tuesday that a more formal meeting may follow soon after the informal oil industry talks set to occur in Algeria next week. The 'informal' nature of the meetings has been a source of criticism that the meeting will be unable to produce concrete results.

In a coincidental pairing of events, both the Bank of Japan and the U.S. Federal Reserve will announce the outcomes of their monetary policy meetings on Wednesday. While the U.S. dollar came out stronger today, eyes will be on both announcements tomorrow and the effect it has on the greenback in particular will be of interest to crude oil investors.

Despite having accepted a cease fire agreement in early September promising an end to oil facility attacks, the militant separatist group Niger Delta Greenland Justice Mandate blew up a key Nigerian Petroleum Development Company crude oil delivery line on Sunday, their second pipeline attack in less than a week. The nation's vice president, Yemi Osinbajo, estimates that oil production has fallen by 60% as a result of militant group attacks.

By the end of Tuesday's session, November Brent crude futures had dropped 7 cents, or 0.15%, settling at $45.88 a barrel on London's ICE Futures Exchange, while October U.S. West Texas Intermediate gained 14 cents, or 0.3%, to $43.44 a barrel on the New York Mercantile Exchange.

The day's main influences, the bears and bulls:

The Bears:

- A rise in greenback value in anticipation of Wednesday's Federal Reserve announcement.

The Bulls:

- Continued instability as a result of Nigeria's ongoing civil war which has oil production down by 60%.

- Reassurance from Algerian energy minister, Noureddine Bouterfa, suggesting that more formal talks may come soon after the informal talks coming up in Algeria next week.

- In sharp contrast to surveys results suggesting an increase in American crude oil stockpiles, API data suggests the opposite.