West Texas Intermediate oil prices fell on Tuesday, with front-month futures settling below $29 a barrel, as traders bet that Iran’s release from nuclear-related sanctions and the coming refinery maintenance season in the U.S. will worsen the glut of crude supplies.Brent prices, however, rebounded as some traders feared that Monday’s decline to a fresh 12-year low was overdone.
February West Texas Intermediate crude CLG6, -1.37% fell by 96 cents, or 3.3%, to settle at $28.46 a barrel on the New York Mercantile Exchange. That was the lowest settlement for a front-month contract since September 2003, according to Dow Jones. The February WTI contract expires Wednesday.
However, on Tuesday, March Brent crude LCOH6, -0.80% the global crude benchmark, rose 21 cents, or 0.7%, to $28.76 a barrel on London’s ICE Futures exchange.
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