Oil prices fell on Tuesday
Oil prices fell on Tuesday

International benchmarks for oil prices extended the weakening trend for the fourth straight session on Tuesday (14 June) after the International Energy Agency warned that huge stockpiles would cap any future price gains. In its report, the IEA estimated the global crude demand to grow by 1.3 million barrels a day this year and again next year, with buyers encouraged by low prices. However, in another notes, it said there is an enormous inventory overhang to clear and very likely to dampen prospects of a significant increase in oil prices. This echoed the latest report from the OPEC cartel that speculators became somewhat less interested in long positions because of the overhang in inventories.
WTI closed at $48.49/barrel (-$0.39) July delivery
Brent closed at $49.83/barrel (-$0.52) August delivery