WASHINGTON (dpa-AFX) - Oil prices fell on Tuesday amid slightly easing fears about supply disruptions amid forecasts that Hurricane Beryl is unlikely to impact offshore oil production in any big way.
However, geopolitical tensions, and expectations of higher demand in the summer driving season in the U.S., helped limit the downside in oil prices.
West Texas Intermediate Crude oil futures for August ended down $0.57 or about 0.7% at $82.81 a barrel.
Brent crude futures were down $0.24 or 0.28% at $86.36 a barrel a little while ago.
According to the American Automobile Association, U.S. gasoline demand will likely peak this week with travel for the Independence Day holiday on Thursday. The agency has forecast that travel during the holiday period will be 5.2% higher than in 2023, with car travel up 4.8%.
Traders now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API report is due later today, while EIA will release its weekly inventory data Wednesday morning.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
