Oil Prices Fall Towards $60 As Supply Fears Mount
Oil prices fell on Tuesday morning as concerns about oversupply increased after OPEC’s decision to pause supply hikes and as a stronger U.S. dollar eased buying from holders of other currencies. As of 8:44 a.m. ET on Tuesday, the U.S. benchmark price, WTI Crude, was flirting with the sub-$60 a barrel price it reached two weeks ago after the Trump Administration slapped sanctions on Russia’s biggest oil firms, Rosneft and Lukoil. The U.S. benchmark crude futures were trading down by 1.44% at $60.17. The…