Oil declines for a second session ahead of key inventory report
Oil fell to under $68 a barrel on Tuesday in a choppy session, as easing concerns of a supply disruption in Saudi Arabia and U.S. dollar strength countered the prospects for tighter supply due to OPEC+ output curbs.
Crude hit its highest since the start of the pandemic on Monday after Yemen’s Houthi forces fired drones and missiles at Saudi oil sites on Sunday. Saudi Arabia said it thwarted the strike, however, and prices slipped as supply fears eased.
Brent crude declined 72 cents, or 1.06%, to $67.52 per barrel, pulling back after trading as high as $69.33. It reached $71.38 on Monday, the highest since Jan. 8, 2020.
U.S. West Texas Intermediate (WTI) settled $1.04, or 1.6%, lower at $64.01 per barrel, after hitting its highest since October 2018 on Monday.
Reference: CNBC
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