Brent crude oil prices fell below $100 per barrel in volatile trade on Tuesday, a fourth straight daily decline as ample supplies weighed, while U.S. crude rose on the expectation of dwindling fuel stockpiles.
Prices were not far above Monday’s 16-month low as feared cuts to supply due to violence in the Middle East have failed to materialize, and production resumed at Britain’s North Sea Buzzard oilfield after a series of shutdowns and failed restarts.
In the United States, expectations of another fall in crude inventories supported prices, as did news of a delayed start up of the Pony Express pipeline that will carry crude from Wyoming to Oklahoma.
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