Oil Ends Lower, Traders Brace for Supply Increase: Report

By MidnightTrader.com Staff,

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Crude oil futures ended lower on Tuesday as traders continued to dissect a sharp drop in the previous session and braced for reports pointing to a possible inventories increase, MarketWatch reported.

Crude for October delivery retreated 13 cents, or 1.4%, to settle at $95.29 a barrel on the New York Mercantile Exchange, the second day of declines and oil's lowest settlement in more than two weeks.

The American Petroleum is scheduled to report on supplies later Tuesday, and the Department of Energy's Energy Information Administration is to report early Wednesday.

Meanwhile, trading was marred by steep losses late in the Monday floor session, which left investors scratching their heads to find a reason for the sharp decline.

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This article appears in: Investing Commodities
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