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Concerns Over Increased Supply Lower Oil Prices
Oil prices fell in early Asian trading on Tuesday, reversing gains from the previous session as fears of increased supply outweighed optimism regarding a potential resolution to the U.S. government shutdown.
Brent crude futures dropped by 13 cents, or 0.2%, to $63.93 a barrel, while U.S. West Texas Intermediate crude stood at $60 a barrel, also down by 13 cents, or 0.2%. Both crude benchmarks had risen by about 40 cents in the previous session.
The U.S. Senate approved a resolution yesterday aimed at ending the longest government shutdown in U.S. history, putting an end to the standoff that had persisted for weeks, disrupting food assistance for millions of Americans and leaving hundreds of thousands of government employees without pay, while also causing flight disruptions.
