Oil prices fell on Tuesday as optimism for a straightforward recovery in fuel demand faded and a looming increase in supply weighed on the market, with Libya's state oil company flagging progress on talks to resume exports.
U.S. West Texas Intermediate crude futures fell as much as 44 cents, but recovered slightly after stronger-than-expected Chinese factory data. By 0201 GMT they were trading down 26 cents, or 0.7per cent, at US$39.44 a barrel, having jumped 3per cent on Monday.Brent crude futures for September fell 17 cents, or 0.2per cent, to US$41.68 a barrel, paring Monday's 92-cent gain. The less active August contract, which expires on Tuesday, fell 25 cents after gaining 69 cents on Monday.
A preliminary Reuters poll showed analysts expect U.S. crude oil stockpiles fell from record highs last week and gasoline inventories decreased for a third straight week.
Source: News Formal (newsformal.com)
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