Crude Oil Futures Plunge on Tuesday

Oil prices dropped Tuesday to finish at their lowest level in more than a week after the International Energy Agency cut its global crude demand forecasts and warned of a boom in U.S. shale oil production, according to Bloomberg MarketWatch.

December West Texas Intermediate crude fell $1.06, or 1.9%, to settle at $55.70 a barrel on the New York Mercantile Exchange.

January Brent crude, the global benchmark gave up 95 cents, or 1.5%, to end trading at $62.21 a barrel on the ICE Futures Europe Exchange.

Fresh insight on the state of the oil market came from the IEA on Tuesday. The IEA’s monthly report cut its crude demand outlook by 100,000 barrels a day for 2017 and 2018. On Monday, OPEC raised its forecast for oil demand in 2017 and 2018.

A report on domestic petroleum inventories from the American Petroleum Institute will be released late Tuesday.

Analysts polled by S&P Global Platts expect the EIA to report a fall of one million barrels in U.S. crude stockpiles for the week ending November 10.

Meanwhile, December natural gas ended at $3.102 per million British thermal units, down 2.1%, on the New York Mercantile Exchange.