Oil prices pull back as investors start to cash in on recent rally

Crude oil prices lost more steam Tuesday as investors pulled back after the recent rally and analysts said prices would likely see-saw until there is more clarity on the fate of U.S. interest rates.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN6, +0.46%  traded at $49.50 a barrel, down $0.07 in the Globex electronic session. August Brent crude LCOQ6, +0.49%  on London’s ICE Futures exchange fell $0.09 to $50.46 a barrel.

Overnight, Brent oil prices held on the $50 mark on reports of more attacks by militants to Nigeria oil operations. But prices reversed gains after U.S. Federal Reserves Chairwoman Janet Yellen said on Monday she still expects gradual interest rate increases this year despite the softer-than-expected U.S. job growth last month.

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