West TX Oil Drops to Near $47

U.S. crude futures extended declines to a third day on Tuesday to hold below $49 a barrel, under pressure ahead of industry data due out later that is likely to show another solid build in U.S. commercial crude inventories.

Nymex crude for May delivery was down 8 cents at $48.60 a barrel by 0034 GMT.

It settled down 19 cents at $48.68 on Monday as Iran and six world powers tried to negotiate a deal on Tehran’s nuclear program that could end Western sanctions and allow the OPEC member to ship more crude into an already flooded market.

CNBC

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