Crude Oil Futures Turn Weak Ahead Of Inventory Data - Commodity Market Tips

Crude Oil futures turned weak on Tuesday ahead of the weekly inventory data, which is expected to show crude oil supplies rose for the fourth-straight week. Investors appeared to take profit on the recent rally that has seen oil prices hit multi-month highs. Traders were cautious with threat from Turkey’s president to cut off oil exports from a Kurdish region of Iraq. Monday warned his country could close the valves on the pipeline that carries 500,000-600,000 barrels of crude per day from northern Iraq. Benchmark crude oil futures for November delivery ended lower by $0.34 or 0.7 percent at $51.88 a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 79 cent to $58.23 a barrel on the ICE.

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