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Oil falls on rising U.S. output, global demand concern

Reuters  |  NEW YORK 

By Scott DiSavinoNEW YORK (Reuters) - Oil prices fell for a third day in a row on Tuesday on forecasts for rising U.S. crude output and a gloomier outlook for global demand growth in a report from the International Energy Agency (IEA).In addition, analysts said oil prices were pressured by a global commodities selloff, led by base metals like nickel and copper, due to weaker-than-expected economic data from China. [MET/L]Brent futures fell 95 cents, or 1.5 percent, to settle at $62.21 a barrel, while U.S. West Texas Intermediate (WTI) crude lost $1.06, or 1.9 percent, to end at $55.70, the ...

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First Published: Wed, November 15 2017. 01:56 IST