Oil futures retreated on Tuesday, with crude prices pausing after a sharp run-up in the previous session that had been partly fueled by reports that Yemen's Houthi rebels launched a drone attack over the weekend on one of Saudi Arabia's largest oil fields.
West Texas Intermediate crude for October delivery lost 25 cents, or 0.5%, to $55.90 a barrel, after the most-active contract gained 2.4% on Monday. October Brent edged 20 cents, or 0.3%, lower at $59.64 a barrel, following a 1.9% gain in the previous session.
Oil prices have mostly risen over the past two weeks as expectations that central banks across the globe will combat signs of recession with greater stimulus that could help stimulate appetite for crude and other energy assets.
Investors are awaiting inventory data from the American Petroleum Institute later Tuesday at 4:30 p.m. Eastern Time, which will be followed by the closely watched U.S. Energy Information Administration report at 10:30 a.m on Wednesday.
Source : MarketWatch