A day after taping the greatest settlement price in nearly four years, crude oil futures edged down marginally on Tuesday.
However, prices still hovered near four-year highs in the middle of worries of supply shortage due to loss of Iranian oil upon execution of U.S. sanctions from early November this year.
Traders were looking ahead to crude oil inventory reports. The American Petroleum Institute is scheduled to come out with its weekly oil report later in the day, while the U.S. Energy Information Administration will launch its crude stockpile data for recently, at 10:30 AM ET tomorrow.
Crude oil futures for November shipment ended down $0.07, or 0.09%, at $75.23 a barrel.
On Monday, petroleum futures wound up $2,05, or 2.8%, at $75.30 a barrel, the greatest settlement since November 2014.
OPEC and leading non-OPEC oil producers, consisting of Russia, recently said they were not in any rush to step up production, after the U.S. President Donald Trump telephoned to them to increase output to balance out loss of Iranian oil.
It remains to be seen how the leading crude manufacturers are going to make up for the loss of oil exports from Iran, which is the world’s fourth-largest oil manufacturer and the third-largest exporter in OPEC.
Traders are also weighing the prospects of a likely drop in oil demand amid the trade conflict in between the U.S. and China, the world’s 2 biggest economies.
Some analysts are of the view that intensifying stress in between the U.S. and China could harm international financial growth and substantially suppress consumer buying power.
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