WASHINGTON (Alliance News) – Crude oil prices continued to fall Tuesday morning amid lingering concerns that supplies are outpacing demand.
Traders ignored a prediction from BP’s CEO that oil prices will recover by end end-2016 or early 2017.
WTI crude oil slipped another 60 cents to USD42.53 a barrel, the lowest in about three months.
Genscape reportedly expects US inventories to rise 1.1 million barrels at Cushing, Oklahoma after a few weeks of declines.
In economic news, 2-day FOMC meeting gets underway later today.
The Fed is overwhelmingly expected to keep the Federal Funds Rate unchanged at 0.25-0.50%.
The S&P/Case-Shiller house price index for May is due at 9 am ET. Economists expect the 20-city composite house price index to have risen 0.4% month-over-month, faster than the 0.5% increase in April.
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