By Alex Longley

(Bloomberg) —

Summary of what’s shaping the oil market on Tuesday: Buyers of Iranian oil are said to have paused their purchases for May ahead of the U.S. decision on whether to renew sanctions waivers. API inventory data due later, with crude stockpiles forecast to increase again in survey before Wednesday’s government data.

* Weekly inventory data from the API due at 4:30pm ET. Crude stockpiles are forecast to have increased by 2m bbl last week before EIA data Wednesday, while gasoline and distillate stocks are expected to decline
* As they wait to find out whether President Trump’s administration will extend waivers from sanctions on Iran, oil buyers in China, Japan and South Korea are said to be pausing purchases from the Persian Gulf state
* Shell said there’s been no hindrance of oil product shipments from its Pernis refinery amid ongoing strike action
* Equities advanced globally on Tuesday as investors showed confidence the rally will find fresh support from corporate earnings due this week
* OPEC is seen at risk of over-tightening the oil market, with roadblocks to demand emerging in Asia

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John Deane, Helen Robertson