Troubles with Europe's economy and U.S. inventories' gains pulled down the price of crude oil futures on Tuesday, marking the third consecutive trade session of losses for the energy commodity, Bloomberg reports.
Supplies of crude oil in the U.S., the globe's top consumer, are projected to reach their highest mark in 21 years. Last week's climbs were forecast to be as much as 1.5 million barrels to amount to 381 million barrels, notching the top level since August 1990.
"There's nothing in the oil market that is giving support," commodity strategist Jeremy Friesen with Societe Generale in Hong Kong told the news source. "Clearly people are going to focus on rising oil stocks in the U.S. It's expected prices would fall as inventories build to these levels."
At 3:53 p.m. on Tuesday, crude oil futures gained 0.17 percent, a 19 cent lift to $111.76 per barrel.
Reuters attributes the stabilizing price of the energy commodity to strong returns from Germany, the top economic power in the euro zone. The nation's gross domestic production data from the first quarter of this year instilled confidence in the nation's ability to find its way through the sovereign debt scourge.
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