Crude oil prices turned lower Tuesday, trimming strong recent gains amid speculation a 35% rally was way overdone.
Analysts at Goldman Sachs are calling the commodities rally a “mirage,” “premature” and “not sustainable.”
April WTI crude oil dropped $1.40, or 3.7%, to settle at $36.50 a barrel on the New York Mercantile Exchange, having touched a 2016 high in the previous session.
Later today, industry watcher the American Petroleum Institute is out with its weekly inventories report, followed by official data from the Energy Information Administration tomorrow morning.
The material has been provided by InstaForex Company – www.instaforex.com