WASHINGTON (dpa-AFX) - Oil prices traded mixed on Tuesday after climbing higher the previous day on concerns about tight supply.
Benchmark Brent crude futures dipped 0.3 percent to $72.53 a dollar, while WTI crude futures were up 0.1 percent at $69.10.
Concerns about supply disruptions eased somewhat after the Bureau of Safety and Environmental Enforcement (BSEE) said that 12 percent of crude production remained offline in the U.S. Gulf of Mexico, compared to over 40 percent shut-in at the peak when Hurricane Francine made landfall.
Exxon Mobil said on Monday it was working to safely restart operations at its Hoover offshore platform in the Gulf.
Chevron also redeployed all personnel to their Gulf facilities and resumed production.
The dollar was stable in European trade as a two-day policy meeting of the U.S. Federal Reserve gets underway later today.
Fed funds futures traders currently price in a 62 percent probability of a 50 basis-point cut and a 38 percent probability of a 25 basis-point cut, according to the CME FedWatch Tool.
The U.S. retail sales data for August due later in the day may influence oil price movements as the day progresses.
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