Oil settles lower on bets for another U.S. supply increase

Oil futures settled with a loss on Tuesday, as traders bet that weekly data will show another increase in U.S. crude supplies.

May crude CLK5, -1.44% which went off the board at the close, fell $1.12, or 2%, to settle at $55.26 a barrel on the New York Mercantile Exchange, after posting gains over the previous seven of eight trading sessions. June crude CLM5, -1.24% which became the front-month contract, fell $1.27, or 2.2%, to $56.61 a barrel.

June Brent crude LCOM5, -0.81%  on London’s ICE Futures exchange lost $1.37, or 2.2%, to $62.08 a barrel.

On Nymex, May gasoline RBK5, -0.63% lost 4.3 cents, or 2.3%, to end at $1.888 a gallon. May heating oil HOK5, -0.71%  settled at $1.853 a gallon, down 2.4 cents, or 1.3%. May natural gas NGK15, -0.50%  added 3.9 cents, or 1.5%, to $2.575 per million British thermal units after losing 3.7% a day earlier.

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