Business

US crude slips 34 cents, settling at $68.53, on profit taking

Oil prices fell on Tuesday as some investors took profits on recent strong gains, but losses were limited the day after a U.S.-Mexico trade agreement eased worries about tensions between the two countries.

was down 25 cents to $75.96 a barrel by 2:29 p.m. ET, having touched a session peak of $76.97, the highest since July 11. ended Tuesday‘s session down 34 cents at $68.56 a barrel.

Last week Brent marked a 5.6 percent gain, while WTI increased 4.3 percent.

“The market was due for a correction,” said Phillip Streible, senior market strategist at RJO Futures.

Market participants awaited industry data on U.S. oil inventories, due at 4:30 p.m. EDT (2030 GMT), that was expected to show a drop in crude stocks last week. Official data is due on Wednesday.

Tags: , , , , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *

*