Crude falls after profit-taking
Crude oil prices fell on Tuesday after three straight days of gains on profit-taking ahead of Wednesday’s inventory data which is expected to show declines in inventories of both crude oil and gasoline.
Volume was light, however, in comparison with last week, when prices were rising to record highs.
West Texas Intermediate on the New York Mercantile Exchange was down $2.34 for August contracts to $58.20 per barrel. Brent August contracts on the International Petroleum Exchange in London fell $2.12 to $57.18 per barrel.
Nymex July gasoline futures were down as well, just over one cent to $1.6640 per gallon, while July heating oil futures also fell a bit over one cent to $1.6630 per gallon.
This moved gasoline higher than heating oil, the normal state of affairs this time of year. Up until last week, high demand for diesel had kept heating oil prices above gasoline prices.