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13 March 2018, 08:16 | Joann Bryant
Oil Holds Gain as US Drilling Eases for First Time in 7 Weeks
Crude oil futures are trading lower early Tuesday, extending its losses from the previous session.
Brent crude futures were last up 11c on the day at $65.06 a barrel by 10.17am GMT, up from an earlier low of $64.67, while US West Texas Intermediate (WTI) crude futures were up 17c at $61.53 a barrel.
Aside from cryptocurrencies being the main subject of the markets recently, commodities are reaching new heights with crude oil on the rise with solid growth. West Texas Intermediate, the USA marker, is now near $62 a barrel.
Oil prices fell on Tuesday, extending losses from the previous session, as the inexorable rise in USA crude output weighed on markets.
Iran's light crude oil price rose 79 cents in the week ended on March 2 to settle at $63.18 per barrel, Shana news agency reported on Sunday.
That has undercut some of the enthusiasm for oil, as investors weigh increased USA supply against the likelihood that the Organization of the Petroleum Exporting Countries and non-OPEC producers will maintain supply cuts that have been in effect for more than a year.
"Oil prices fell on the back of concerns that surging USA production. could push inventories in the US higher", ANZ bank said on Tuesday.
Hedge funds and money managers pared their bullish wagers on US crude oil, with long positions falling last week for the first time in three weeks. That is not far off the 2.957 percent yield on February 21, the highest since the instrument yielded more than 3 percent in January 2014.
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