NEW YORK, Nov 26 (Reuters) - Brent crude oil futures edged lower in choppy trading on Tuesday, as investors awaited new data after concluding that a deal between Iran and world powers would bring no immediate increase in crude supplies.
"The market is waiting to see how things develop with Iran. For the oil markets, this puts us in kind of a holding pattern," said Phil Flynn, an energy analyst with the Price Futures Group in Chicago, Illinois.
"There are not a lot of headlines to drive us until we get new data," Flynn said.
Rising oil products prices stemmed losses in the crude markets.
Refined fuels, including ICE gasoil, RBOB gasoline and heating oil, finished the session up. Heating oil remained firm throughout the session as cold temperatures boosted demand at a time when inventories were expected to drop.
"It's cold ... and we're seeing a surge towards the commodity that's more in demand at this time of year," said Stephen Schork, editor of the Schork Report in Villanova, Pennsylvania.
Schork said gasoline supplies were at a surplus relative to the 5-year average, but distillates are at a deficit.
View Full Article
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you