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US WTI Crude Oil Futures closed lower on Tuesday, marking the fifth decline in the past six trading days. Fawad Razaqzada, a market analyst at StoneX, stated, “The impetus for Monday’s oil price rebound is gradually fading, and the price of oil is searching for direction. Given the weak economic data in the Eurozone and the ongoing debt ceiling drama in the United States, this is not surprising.”
On Tuesday, the June delivery of West Texas Intermediate (WTI) crude oil futures on the New York Mercantile Exchange fell by 25 cents, or nearly 0.4%, settling at $70.86 per barrel.
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