Oil drops on bets U.S. crude supply rose for an eighth straight week

Oil futures settled with a loss Tuesday as traders bet that U.S. government data will show that crude supplies climbed for an eighth straight week.

Expectations for further inventory growth in an already oversupplied oil market helped ease worries about risks to production in the Middle East in the wake of the Paris terror attacks.

December West Texas Intermediate crude CLZ5, +0.81%  shed $1.07, or 2.6%, to settle at $40.67 a barrel on the New York Mercantile Exchange, giving back the 2.5% it gained a day earlier. The settlement was the lowest since August 26 for a most-active contract.

Brent crude LCOF6, +0.87%  lost 99 cents, or 2.2%, to $43.57 a barrel on London’s ICE Futures exchange.

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