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Oil eases below $79

LONDON - Oil extended its losses to ease below $79 a barrel on Tuesday, after a nearly 3 percent slump in the previous session amid a wider slide in commodities tied to a rebound in the U.S. dollar, according to Reuters.

U.S. crude futures lost 38 cents to $78.64 a barrel by 8 a.m. EDT. London Brent crude was 70 cents down at $75.88.

Analysts said fundamentals factors, including weak demand from U.S. refiners in the midst of seasonal maintenance as well as weakness in product demand with the end of the summer gasoline season, were weighing on oil.

Posted by Peter C. T. Elsworth  at 9:22 AM to Crude oil market | Permalink

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