Crude oil futures settled slightly higher on Tuesday as reports of excess supply flooding the market in the coming months against forecasts of weakening oil demand have increased traders' concerns. With the summer driving season closing and northern hemisphere autumn harvest ending, along with the boost in supply from non-OPEC producers (U.S., Brazil, and Guyana), traders are wary of a growing surplus in the coming months.
Benchmark crude oil futures for November gained $0.04 or 0.06% at $61.73 a barrel on the New York Mercantile Exchange. However, Brent crude for December delivery declined $0.02 or 0.03% to settle at $65.45 a barrel on London's Intercontinental Exchange.