Oil fell for a second day on Tuesday, dropping to $62 a barrel on the limited pr...
LONDON - Oil fell for a second day on Tuesday, dropping to $62 a barrel on the limited progress in efforts to resolve the U.S.-China trade dispute, higher than expected Norwegian oil output and forecasts of rising U.S. crude inventories.
Brent crude LCOc1, the global benchmark, was down 47 cents at $61.97 a barrel at 1131 GMT. It had reached $63.65 — the highest since Sept. 24 — on Thursday. U.S. West Texas Intermediate crude CLc1 dropped 50 cents to $56.55. The average estimate from six analysts polled by Reuters was for U. S. crude inventories to have risen by about 1.1 million barrels in the week to Nov. 15, representing a fourth consecutive weekly gain.
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