Crude Oil prices ended moderately lower Tuesday, extending losses for a 5th straight session on expectations of an increase in weekly U.S. inventories and a forecast that production in non-OPEC countries will increase. Crude hit an intraday low of $82.50 earlier.
Crude Oil prices declined as the International Energy Agency boosted its forecast for non- OPEC supplies and U.S. inventories were estimated to climb, raising concern that the markets are oversupplied. Oil fell 0.3% after the IEA outlook that output will expand in countries such as Canada, the U.K. and Russia. U.S. crude stockpiles may advance for an 11th week, the longest stretch in five years.