Oil prices were mixed Tuesday morning, even as crude prices held to near four-year highs amid growing signs of shrinking global supply.
Brent crude, the global benchmark, was down 0.61% to $84.46 a barrel on London’s Intercontinental Exchange . On the New York Mercantile Exchange, West Texas Intermediate futures were trading flat at $74.29 a barrel.
Both crude benchmarks closed up nearly 3% Monday.
“Concerns about tight supply are driving oil prices significantly further up,” according to analysts at Commerzbank .
“News that China is now also reducing its oil purchases from Iran presumably gave the final push. This is likely to see Iranian oil exports fall by 1.5 to 2 million barrels per day,” the analysts wrote in a daily