U.S. oil futures marked a loss for the sixth session in a row on Tuesday, holding ground at a six-year low as traders bet that coming reports will show another weekly increase in crude-oil supplies.
Crude oil for delivery in April CLJ5, -1.82% lost 42 cents, or 1%, to settle at $43.46 a barrel on the New York Mercantile Exchange — off the day’s intraday low of $42.63. Prices again settled at their lowest level since March 11, 2009 and they’ve tallied a six-session loss of more than 13%.
May Brent crude LCOK5, -0.70% lost 43 cents, down 0.8%, to end at $53.51 on London’s ICE Futures exchange.
“Investors are buying on the dips, so the downside has been sort of contained,” said Richard Hastings, macro strategist at Global Hunter Securities. “Throw in a pause in the U.S. dollar rally, and you get more buying action preventing a bigger slide in crude prices.”
The American Petroleum Institute will publish its petroleum inventory data late Tuesday. The U.S. Energy Information Administration’s weekly update is due on Wednesday. Analysts polled by Platts forecast a climb of 3.7 million barrels in crude stockpiles.
The market’s looking at the “prospect of further brobdingnagian builds for crude” and stockpiles at Cushing, Okla., the U.S. crude storage hub, said Matt Smith, commodity analyst at Schneider Electric, in a note.