Crude oil prices resumed their downward spiral on Tuesday, as yesterday’s ISIS-induced rally fizzled out.
Concerns about supply disruptions from Middle East have been overshadowed by confidence that OPEC and non-OPEC producers will keep pumping oil at a robust pace.
Dec. oil dropped $1.07, or 2.6%, to settle at $40.67/bbl on Nymex, nearing a recent 3-month low.
In economic news, U.S. CPI rose by a seasonally adjusted 0.2% last month, the government said Tuesday. It was the first rise in a few months, but is unlikely to convince the Federal Reserve it is time to raise interest rates.
Traders will be keeping a close eye on the minutes of the last Federal Reserve meeting, looking for clues about December’s meeting. The minutes are made public Wednesday afternoon.
The material has been provided by InstaForex Company – www.instaforex.com