Oil futures blipped higher then eased Tuesday, at risk for back-to-back losses, as investors weighed the sustainability of recent sizable gains without a pause against the price-supportive news from the political crisis in Venezuela.
West Texas Intermediate crude oil for March delivery fell 21 cents, or 0.4%, to $54.35 a barrel on the New York Mercantile Exchange. It earlier traded as high as $55.21 a barrel. It’s been churning, trading only about $1 below a recent peak at $55.26, which marked a roughly 2 ½-month high for the front-month contract, and created a point of chart congestion that prompted some consolidation, traders said.
April Brent fell 42 cents, or 0.7%, to $62.08 a barrel on ICE Futures Europe. It had traded up above $63 in the early going Tuesday.
Source : Market Watch