Oil prices begin to fall once again

quist

July 19, 2016 10:23 AM

The extra supply is coming from further draws in U.S crude inventories which have pushed oil prices to increase more than 1 percent.

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Oil prices have began to fall on Tuesday, as a result of increased supply of the commodity on the international market.

The 1% increase is even a slowed-down rise because of expected cuts in supply from Turkey due to Friday’s attempted coup d’état.

The oil market is waiting to see how much supply the U.S will draw from its inventory in order to give a more concrete gauge to the price.

Brent crude slipped 11 cents to $46.85 a barrel as of 0657 GMT after finishing the previous session down 65 cents, or 1.4 percent.U.S. crude, known as West Texas Intermediate (WTI), fell 11 cents to $45.13 a barrel after settling 71 cents, or about 1.6 percent, lower in the previous session.

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quist