Speculation about increased supplies tugged down Brent crude oil futures on Tuesday, according to Bloomberg.
For the seven days ended December 13, stockpiles of distillates in the U.S. – the globe's largest consumer of oil – pushed up 240,000 barrels, according to the median estimate of Bloomberg-polled analysts and economists. The Energy Information Administration, an arm of the U.S. Department of Energy, is slated to release official data on Tuesday.
"From the fundamental side the outlook is bearish, mostly due to the production increase in the U.S.," oil trader Gerrit Zambo with Bayerische Landesbank in Munich told the news source on Tuesday. "The economic picture is brightening, but it's not yet sunny."
At 9:23 a.m. on Tuesday, West Texas Intermediate crude oil futures edged up 0.06 percent, a 6-cent climb to $97.54 per barrel. Brent crude oil futures dropped 0.76 percent, an 83-cent slide to $108.58 per barrel.
Reuters reports Brent crude oil futures endured losses on Tuesday in advance of policy makers with the U.S. Federal Reserve convening two days of meetings, during which they are likely to discuss the futures of economy-spurring monetary stimulus measures and how long they will remain.
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