The American Petroleum Institute, an industry group, is expected to report similar data at 4:30 p.m. EDT Tuesday.
After the massive plunge last week across commodities markets and oil's dramatic rebound above $100 a barrel Monday, traders said crude prices are trying to find firmer footing. Exchange operator CME Group Inc. (CME) raised margins on its U.S. benchmark futures contracts late Monday, pulling down oil prices in overnight electronic trading before Tuesday's rebound. And analysts caution that more swings could be ahead.
"We would not be surprised to see daily moves of $3 to $5 a day in either direction at least until the dust settles slightly," said Ed Meir, commodities analyst at MF Global, in a client note.
June heating oil settled 3.94 cents higher at $3.0012 a gallon.
-Naureen Malik contributed to this report.