Also pulling down the price of the energy commodity on Tuesday was the increasing value to the common currency of the European Union, which advanced against the world's reserve currency. Debt-hobbled Spain was believed to be nearing solicitation bailout aid for its banks.
"There is no concern about supplies in the U.S," market research director Addison Armstrong with Tradition Energy in Connecticut told the news source. "The euro is getting a little bit better on expectations that Spain will seek a bailout and the ECB will come in to buy the bonds, and that’s helping oil."
At 12:30 p.m. on Tuesday, Brent crude futures fell 0.24 percent, a 27 cent drop to $111.92 per barrel.
Demand for the energy commodity was slipping, which dwarfed stronger market sentiment for crude oil, according to The Wall Street Journal. The U.S. is poised to release oil inventory information on Wednesday.
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