Oil prices continued on Tuesday to dip lower in the U.S. while overseas, they were up slightly.
West Texas Intermediate crude fell 18 cents to reach $57.44 a barrel on the New York Mercantile Exchange. The drop represented a fall of three-tenths of a percent in trading for January contracts.
Overseas in London, Brent Crude rose 41 cents a barrel to reach $62.86. That’s an increase of 0.66% on February contracts.
Natural gas prices remained flat in trading on the New York Mercantile Exchange staying at $2.92 per Million BTUs.
The slight drop in U.S. oil prices is believed to be reflective of last week’s report by the U.S. Energy Information Agency that the country’s oil output rose in September to 9.5 million barrels a day, the highest output in two years.