Crude oil prices slid just after touching another record high Monday
Crude oil prices slid just after touching another record high Monday as brokers widely expected that US distillate supplies had risen for last week.
US light, sweet crude July futures fell 47 cents to end at $58.90 a barrel on the New York Mercantile Exchange.
Meanwhile, London?s August Brent crude shed 82 cents to $57.50 a barrel on International Petroleum Exchange.
On Tuesday, three factors drove oil futures lower. A Bloomberg's report showed that all 12 analysts surveyed expected a rise in US supplies of distillate for last week. Media news said the government of Norway was likely to step in to prevent a strike by oil workers.
Meanwhile, a Cambridge, Massachusetts-based research firm said that oil producers would boost supplies fast enough to meet demand growth over the next five years and "take the pressure off prices around 2007 to 2008 or thereafter and even lead to a period of price weakness." The firm's report countered arguments that had pushed prices higher in these days.