Crude oil fell slightly ahead of the US stockpiles report.

The US light crude fell 7 cents to $51.68 per barrel, compared with a four-month record of $52.28 set on Monday. London Brent crude fell 6 cents to $50.00 per barrel.

Today’s inventory report made traders stay firm about the prices. "The market is firm ahead of the data, but still flitting in and around opening levels, as we all wait to assess US inventory levels," said GNI-Man Financial trader Kevin Blemkin.

But the situation is expected to be tight till the next meeting of OPEC. "It’s still that supply and demand story. The underlying demand and supply situation is still extremely tight," said Michael Lewis, head of commodities research at Deutsche Bank.