Oil prices fall before supplies, inventories data

Oil prices fall before supplies, inventories data

Mubasher: Oil prices fell significantly on Tuesday ahead of US crude supplies and inventories data due later in the week, reversing earlier gains.

Concerns over a nuclear deal with Iran following US President Donald Trump's decision to fire secretary of state Rex Tillerson drove prices higher, but forecasts of a possible rise in US oil supplies for the third consecutive week later pushed prices backwards.

By 04:10 pm GMT, Brent crude fell by 1.02% to $65.12 per barrel (pb), while Nymex crude futures dropped 1.12% to $61.90 pb, having earlier neared $62 pb.

Analysts, polled by S&P Global Platts, had expected the Energy Information Administration’s (EIA) data due Wednesday to show a third consecutive rise in supplies and a 2.5-million-barrel increase in stockpiles.

Source: Mubasher