Oil prices edged lower likely due to a technical correction and weaker global economic news, but are still supported by cooler weather forecasts and supply concerns from Russia and Iran.
Brent crude was down 0.4% to $75.96 a barrel, while WTI fell 0.5% to $73.16 a barrel. Both benchmarks settled lower on Monday, ending a five-session winning streak after orders for US manufactured goods fell in November and German inflation rose further than the European Central Bank's target.
“The move higher in crude oil prices appears to be running out of momentum,” ING analysts said in a note. “Although there has been some tightening in the physical market, fundamentals to 2025 are still comfortable, which should cap the upside.”