WTI crude futures for August delivery were down 32 cents, or 0.3%, at $102.28 a barrel. The contract rose 5.1% on Monday and posted the biggest percentage gain since May 11.
The August WTI contract expires on Wednesday and the more actively traded September contract was trading at $98.85 a barrel, down 57 cents or 0.6%.
The forecast for oil inventories in the United States, the world’s largest oil consumer, was that crude and distillate supplies may have risen last week, while gasoline stocks likely fell.according to a preliminary Reuters poll.
Oil prices have been hit by supply concerns as Western sanctions on Russian crude and fuel supplies from the Ukraine conflict have disrupted trade flows to refiners and end users.
In addition, there are growing concerns that the central bank’s efforts to control rising inflation could trigger a recession that would reduce future demand for the fuel. * Oil prices were supported by a weaker US dollar on Tuesday, which hovered around a one-week low, making dollar-dominated crude slightly cheaper for buyers holding other currencies .
Source: Ambito
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