WASHINGTON (dpa-AFX) - Crude oil futures were flat Tuesday morning, holding near yesterday's 4-year highs after some profit taking early in the session.
Oil prices have surged over the past few months, boosted by speculation that OPEC supplies will continue to dwindle.
OPEC ministers will be in Russia this week for an important energy conference that may provide clues about whether the cartel will extend its supply quota plan beyond 2018.
July WTI, the new front-month contract, fell 15 cents, or 0.2%, to $72.20.
June WTI oil was down 11 cents, or nearly 0.2%, to settle at $72.13/bbl.
U.S. oil inventories data is on tap this afternoon and tomorrow morning.
In economic news, Bank of England Governor Mark Carney said that UK interest rates are set to rise at a gentle pace and the slowdown seen in the first quarter was temporary.
Speaking to lawmakers, Carney said households expect rate hikes over the course of the year. They also expect the bank to proceed at a very gentle pace.
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