Oil prices are slightly lower Tuesday as traders paused for breath after the previous session’s gains. “Market seems uncertain of its next move after the rally yesterday,” says a crude broker based in London.
Market participants are keeping an eye on movements on equity and currency markets — the euro is slightly lower and profit-taking was hitting European stocks – but fundamental issues of over-supply and low demand continue to lurk in the background, he notes.
Ahead of Wednesday’s key US DOE stocks data, traders will watch out for API inventory numbers due at 2130 GMT. Nymex December crude was recently down 57 cents at $78.33 a barrel.
