OIL MARKET UPDATE NEWS BY RIPPLES ADVISORY

Oil prices eased in early Asian trade on Tuesday as concerns over a crude and fuel oil glut outweighed an expected cut in U.S. shale production and a likely further draw in U.S. crude stocks.

 

Crude prices fell more than 1% in the previous session after concerns about potential supply disruptions eased in the wake of Friday's attempted coup in Turkey.

 

 U.S. crude, known as West Texas Intermediate (WTI), slipped 13 cents to $45.11 a barrel as of 8.21 p.m. ET after settling down 71 cents, or about 1.6 %, in the previous session.

 

  Brent crude fell 9 cents to $46.87 a barrel after finishing the previous session down 65 cents, or 1.4 %.

 

 Oil prices are up nearly 75 percent since hitting 12-year lows of around $27 for Brent and about $26 for WTI in the first quarter. The rally has stalled since the two benchmarks breached the $50 a barrel mark in May as worries grew that higher prices will fuel more production. 

 

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