MTECHTIPS;-Oil erases gains to hit 4-week low as focus shifts to API

MTECHTIPS;-Oil erases gains to hit 4-week low as focus shifts to API supply report

MTECHTIPS-Oil prices erased overnight gains in North American trading on Tuesday, falling to a fresh four-week low as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products. Industry group the American Petroleum Institute is due to release its weekly report at 4:30 PM ET (20:30 GMT) later on Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of 1.3 million barrels.The U.S. West Texas Intermediate crude June contract fell 10 cents, or around 0.2%, to $49.13 a barrel by 9:05 AM ET (13:05 GMT). It touched its lowest since March 29 at $48.95 earlier. The U.S. benchmark settled lower for the sixth session in a row on Monday, amid signs of further gains in U.S. crude output. Elsewhere, Brent oil for June delivery on the ICE Futures Exchange in London shed 5 cents to $52.08 a barrel after sliding to $51.42 in the prior session, its deepest trough since March 29. Crude has been under heavy selling pressure in recent days amid fears that an ongoing rebound in U.S. shale production could derail efforts by other major producers to re balance global oil supply and demand
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