Oil prices were mixed on Tuesday, after U.S. oil output was expected to rise in March and global oil demand has been projected to decline in 2019.
U.S. crude futures edged slightly higher by 0.50 U.S. dollar on Tuesday after a national holiday. Its growing momentum of last Friday's sharp increase of 1.15 dollars was pared due to an expected high output in March.
U.S. oil output from seven major shale regions is estimated to rise to about 8.4 million barrels per day (bpd) in March, according to a report of the the U.S. Energy Information Administration (EIA) on Tuesday.
Brent crude futures extended slight loss on Tuesday, as market participants continued to digest the news that OPEC lowered last week its forecast for growth in global oil demand in 2019 to 1.24 million bpd.
The West Texas Intermediate for March delivery rose 0.50 U.S. dollar to settle at 56.09 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery was down 0.05 dollar to close at 66.45 dollars a barrel on the London ICE Futures Exchange.
U.S. crude futures edged slightly higher by 0.50 U.S. dollar on Tuesday after a national holiday. Its growing momentum of last Friday's sharp increase of 1.15 dollars was pared due to an expected high output in March.
U.S. oil output from seven major shale regions is estimated to rise to about 8.4 million barrels per day (bpd) in March, according to a report of the the U.S. Energy Information Administration (EIA) on Tuesday.
Brent crude futures extended slight loss on Tuesday, as market participants continued to digest the news that OPEC lowered last week its forecast for growth in global oil demand in 2019 to 1.24 million bpd.
The West Texas Intermediate for March delivery rose 0.50 U.S. dollar to settle at 56.09 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery was down 0.05 dollar to close at 66.45 dollars a barrel on the London ICE Futures Exchange.
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