Oil little changed after 3-day gain, supply glut weighs

Oil little changed after 3-day gain, supply glut weighs

Crude oil futures were largely unchanged on Tuesday as the market took a breather following three days of gains with a supply glut keeping a lid on prices.

US West Texas Intermediate (WTI) crude futures were up 3 cents at $43.41 per barrel by 0148 GMT and Brent crude futures added 6 cents at $45.89 per barrel.

The market is up slightly so far this week, but Brent and US crude oil have dropped for the past five weeks.

“Three days of price action has been interesting, it has been short covering,” said Ric Spooner, chief market analyst at CMC Markets in Sydney. Read More…

 

Credit By :

Leave a Reply

Your email address will not be published.