WASHINGTON (dpa-AFX) - Crude oil futures fell Tuesday, bouncing back and forth near $50 a barrel before finally turning lower at session's end.
A stronger dollar weighed on commodity prices today. Crude oil initially rallied on comments from an Iraq oil minister saying that OPEC members are committed to cutting supplies through 2018.
'The OPEC cuts and the correction to output remain healthy. Compliance is now up to 80% in the case of some members and 73% in Iraq's case. Overall picture seems to be bright and we sense improvement in market,' Iraq's Al Lueibi told the Gulf Intelligence Energy Markets Forum in Fujairah, United Arab Emirates, according to Forbs.
Oct. WTI oil lost 43 cents, or 0.9%, to settle at $49.48/bbl.
U.S. export prices rose by 0.6 percent in August following a 0.5 percent increase in the previous month. Export prices had been expected to edge up by 0.2 percent.
New residential construction in the U.S. unexpectedly decreased in the month of August, according to a report released by the Commerce Department on Tuesday.
The report said housing starts fell by 0.8 percent to an annual rate of 1.180 million in August from a revised 1.190 million in July. Economists had expected housing starts to jump by 1.7 percent.
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