Oil futures continued their descent further from the key $50 a barrel mark on Tuesday as a government report revealed yet another increase in U.S. crude inventories, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, July West Texas Intermediate crude fell 39 cents, or 0.8%, to end trade at $48.49 a barrel, resulting in the fourth straight decline in a row.
August Brent crude, the global benchmark, fell 52 cents, or 1%, to settle at $49.83 a barrel on London’s ICE Futures Exchange.
The U.S. Energy Information Administration report issued on Monday showed a boost of 1.2 million barrels in crude inventories despite a forecast by analysts reflecting a drop of 1.4 million barrels.
The “shale data, rig counts, supply figures all suggest prices should be firm, but the broader macroeconomic fundamental picture is creating headwinds in the energy complex…that has the crude-oil market on the defensive,” said Tim Evans, chief market strategist at Long Leaf Trading Group.
On the New York Mercantile Exchange, July natural gas tacked on 1.9 cents, or 0.7%, to settle at $2.604 per million British thermal units.