Crude Oil Slumps Amid Estimates that U.S. Crude Inventories Rise
Crude oil futures nose-dived on Tuesday, extending their losses into a second session amidst estimates that U.S. crude inventories continue to climb.
Futures slipped around 2 percent in New York, setting prices up for their lowest finish in almost three weeks.
According to a Bloomberg survey which was polled ahead of an Energy Information Administration report due on Wednesday, economists expect crude stockpiles in the U.S. to rise 2.5 million barrels last week.
If confirmed, the headline figure will have increased for 5 weeks in a row.
Sell Stop at 52.00, Take profit 51.70, Stop loss at 52.15