Meanwhile, OPEC will likely maintain output levels, say experts: File Image/Pixabay
While the mini-rally of oil prices in the New Year slowed in the previous session due to investors taking profits, prices on Tuesday fell by over 2 percent on news that U.S. business activity contracted in January for the seventh straight month.
Investors’ concerns about a global economic slowdown were also kindled by a bigger than expected build in U.S. oil inventories: according to market sources citing American Petroleum Institute figures, crude stocks rose by about 3.4 million barrels in the week ended Jan. 20, three times as much as forecast in a Reuters poll.
Even though S&P Global reported that Euro zone business activity made a surprise return to modest growth in January, Brent on Tuesday fell $2.06, or 2.3 percent, to $86.13 per barrel; West Texas…
