Stronger production from the largest-generating nation of the Organization of the Petroleum Exporting Countries helped pull down West Texas Intermediate crude oil futures on Tuesday, as the energy commodity reversed course after four days of gains, according to Bloomberg.
Supplies in the U.S. are forecast to continue rising after notching their top levels in more than eight decades. Generation by Saudi Arabia grew to 9.32 million barrels per day last month, according to an anonymous source cited by the media outlet.
"We are probably going to be presented with another weekly inventory rise from the U.S. tomorrow, and that obviously does bring the focus that the market is still well supplied," commodity strategy head Ole Hansen with Saxo Bank A/S in Copenhagen told the news source on Tuesday. "Whether we are ready to see a return toward the $110 level, which is the average for the last few years, it's probably too early to say."
At 10:06 a.m. on Tuesday, WTI crude oil futures edged down 0.25 percent, a 24-cent loss to $95.92 per barrel. At 10:02 a.m., Brent crude oil futures rose 0.18 percent, a 19-cent lift to $105.65 per barrel.
Reuters reports Brent crude oil futures touched their top price in almost one month during the Monday trade session, which was north of $105 per barrel.
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