Oil futures fell for a fifth straight session on Tuesday to settle at their lowest level in two weeks, as traders braced for industry reports that are likely to show another increase in U.S. crude supplies, according to Bloomberg Marketwatch.
Prices settled above the session’s lows, finding some support as the U.S. dollar weakened in the wake of comments from Federal Reserve Chairwoman Janet Yellen, who emphasized a cautious approach to raising benchmark interest rates.
West Texas Intermediate crude for May fell $1.11, or 2.8%, to settle at $38.28 a barrel on the New York Mercantile Exchange. The settlement was the lowest since March 15.
May Brent crude on the London ICE Futures Exchange declined by $1.13, or 2.8%, to $39.14 a barrel.
Weekly U.S. inventory reports are due from the American Petroleum Institute late Tuesday and from the U.S. Energy Information Administration early Wednesday.
April natural gas which expired at the settlement, finished up 5.5 cents, or 3%, at $1.903 per million British thermal units.
