LONDON (SHARECAST) - Oil prices finished Tuesday’s session slightly lower as equity markets paused for breath and on expectations that supplies will keep rising.
US light crude for September delivery fell 16 cents to $71.42 a barrel in New York, having been up to $71.91 and as low as $70.16.
All eyes are on today’s inventory data from the Energy Information Administration. Analysts expect gasoline supplies to fall, but crude stockpiles to rise.
Many traders used weak US personal income and spending data as an excuse to bank some profits following oil’s recent strong run.
The Commerce Department said personal income fell 1.3% in June, which was worse than the 1% expected. Last month, income rose 1.3% on government stimulus benefits.
On the metal markets, gold rose for the fourth session in a row to a two-month high on a weak dollar and forecasts that global central banks are set to sell the least amount of gold for 15 years.
August gold futures closed up $10.90 at $967.50 an ounce, a couple of dollars off its best levels of the day.
Buyers moved in after GFMS of London predicted signatories of the Central Bank Gold Agreement will sell about 140 metric tons of gold this year. That’s the least since 1994.
