Commodity Tips, Crude futures snap their gaining streak on profit-taking
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Crude oil futures snapped their gaining streak and ended lower on Tuesday, mainly due to profit-taking, amid reports offering clarity on the duration of the Forties pipeline shutdown, which forced traders to take profits on Monday’s rally in oil prices. Also, investors continued to fear that the widening Brent-WTI spread would boost demand for US exports, encouraging producers to ramp up output. Meanwhile, the Energy Information Administration (EIA) said it expects US crude production to rise by an average of 800,000 barrels a day next year. The EIA now anticipates U.S. oil prices could average $57 a barrel in 2018, about $2 per barrel higher than its previous forecast.
Benchmark crude oil futures for January delivery ended lower by $0.85 or 1.5 percent at $57.14 a barrel on the New York Mercantile Exchange. Brent crude for February delivery was down by 2.1 percent to $63.35 a barrel on the ICE.
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