home Finance, Headline News, Oil Prices, Oil Stocks Crude oil ends sharply lower as supply-glut fears return

Crude oil ends sharply lower as supply-glut fears return

Oil futures ended sharply lower Tuesday as renewed fears of a global glut hit investor confidence ahead of weekly inventory data that are expected to show an increase in crude supplies.

West Texas Intermediate crude oil CLM6, +0.23%  lost $1.13, or 2.5%, to end at $43.65 a barrel on the New York Mercantile Exchange, while Brent oilLCON6, +0.16%  dropped 86 cents, or 1.9%, to finish at $44.97 a barrel on London’s ICE exchange.

Both benchmarks fell for a third straight day, with investors taking profits on a sharp rally that had taken crude to levels last seen in November. News reports pointing to talk of increased production by members of the Organization of the Petroleum Exporting Countries in April have weighed on oil.

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