Oil Prices End Lower After Two Session Climb

By Myra P. SaefongMarketsMarketWatch Pulse

Oil prices fell back below $46 a barrel on Tuesday, giving up the bulk of the gains they scored the past two sessions. In a monthly report, the Energy Information Administration raised its forecast for U.S. crude production this year and next, and cut its 2017 price outlook for Brent and West Texas Intermediate crude. That put pressure on prices as traders weighed the chances of an extension to the OPEC-led production cuts. June WTI crude fell 55 cents, or 1.2%, to settle at $45.88 a barrel on the New York Mercantile Exchange.

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