Oil Futures Pare Early Gains, Settle Modestly Lower

(RTTNews) - Crude oil futures settled lower on Tuesday after posting gains in the three previous sessions.

Oil prices climbed to 10-month highs earlier in the session amid supply concerns after data showed a drop in U.S. shale output. Extended production cuts by Russia and Saudi Arabia also continued to support oil prices early on in the day.

West Texas Intermediate Crude oil futures for October ended lower by $0.28 or about 0.3% at $91.20 a barrel, coming off a high of $93.74 a barrel.

Brent crude futures were down marginally at $94.40 a barrel a little while ago.

On Monday, the U.S. Energy Information Administration (EIA) said in its report that oil output in the U.S. will likely fall to 9.393 million barrels per day in October, the lowest level since May 2023.

Traders await inventory data from the American Petroleum Institute (API) and Energy Information Administration (EIA). The API's report is due later today, while the EIA is scheduled to release its inventory data Wednesday morning.