Crude oil futures ended flat on Tuesday as traders reacted to a report from the International Energy Agency (IEA) that oil markets would not be as tight as expected this quarter. The IEA said in its latest monthly report that that it anticipates a supply shortfall during the fourth quarter. But it will be roughly 30% smaller than previously projected, at about 900,000 barrels a day. Further, weak euro area GDP data and lingering concerns about global economic slowdown weighed on oil prices.
Benchmark crude oil futures for December delivery settled flat at $78.26 a barrel on the New York Mercantile Exchange. However, Brent crude for January delivery fell $0.05 to settle at $82.47 (Provisional) a barrel on London's Intercontinental Exchange.