The Traderszone Network

Published in TZ Latest News 26 October, 2015 by The TZ Newswire Staff

Oil prices extend losses as glut worries persist

Oil prices fell on Tuesday, on course for a third week of losses as U.S. inventory data is expected to show another increase in crude stocks. The fall in U.S. crude pushed it below technical support levels, said Ric Spooner, chief market analyst at Sydney’s CMC Markets. U.S. commercial crude oil stockpiles likely rose for a fifth straight week, by an average of 3 million barrels to 479.6 million, in the week ended Oct. 23, a preliminary Reuters survey taken ahead of industry and official inventory data, showed on Monday.