U.S. oil futures finish slightly lower as IEA forecasts a rise in global output

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U.S. oil futures finished with a slight loss on Tuesday, pressured as the International Energy Agency said it expects growth in crude-oil production to help ease tight global supplies. Prices had briefly traded higher after U.S. House Majority Leader Steny Hoyer said he does not agree with Senate Majority Leader Chuck Schumer’s recent call to tap the U.S. Strategic Petroleum Reserve to lower gasoline prices, according to a report from Reuters. That eased expectations over a potential release of oil from the reserve, for now, analysts said. December West Texas Intermediate oil CLZ21, +0.01% shed 12 cents, or nearly 0.2%, to settle at $80.76 a barrel on the New York Mercantile Exchange.

This article was originally published by Marketwatch.com. Read the original article here.

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