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- Oil prices traded lower as market participants expect that U.S. crude oil inventories will increase again
Oil prices traded lower as market participants expect that U.S. crude oil inventories will increase again
Oil prices traded lower as market participants expect that U.S. crude oil inventories will increase again. U.S. crude oil inventories rose 14 weeks in row. Analysts expect U.S. inventories to climb by 2.5 million barrels last week.
Comments by Iran's oil minister Bijan Namdar Zanganeh also weighed on oil prices. He said on Tuesday that the country expects the Organization of the Petroleum Exporting Countries (OPEC) will "create the necessary space for an increase in Iran's oil supply on world markets". According to Zanganeh, Iran wants to return to its pre-sanctions level.
Concerns over escalating conflict in Yemen which could lead to a disruption to oil supplies support oil prices.
WTI crude oil for June delivery fell to $57.61 a barrel on the New York Mercantile Exchange. Brent crude oil for June decreased to $62.80 a barrel on ICE Futures Europe.
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