Oil prices fell about 3% on Tuesday, reflecting growing concern that a two-month rally was fading as demand fails to keep up with swelling global supply, including new output from Kuwait and Saudi Arabia.
Prices bounced, but only briefly, after US Federal Reserve chair Janet Yellen made remarks that investors saw as dovish for the US interest rate outlook.
Brent LCOc1 futures settled down US$1.13 at US$39.14 a barrel while US crude CLc1 settled US$1.11 lower at US$38.28 per barrel.
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Prices bounced, but only briefly, after US Federal Reserve chair Janet Yellen made remarks that investors saw as dovish for the US interest rate outlook.
Brent LCOc1 futures settled down US$1.13 at US$39.14 a barrel while US crude CLc1 settled US$1.11 lower at US$38.28 per barrel.
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