Crude oil prices slipped during Tuesday’s U.S. trading session, reflecting cautious market sentiment toward global policy directions and economic conditions that continue to influence energy demand.
On the New York Mercantile Exchange (NYMEX), crude oil futures for October delivery traded at USD 61.97 per barrel, down about 1.16% from the previous session. Support levels are expected around USD 61.45, while immediate resistance is seen at USD 63.27.
Alongside oil price movements, the U.S. Dollar Index Futures edged slightly higher by 0.10% to USD 98.12, adding pressure on dollar-denominated commodities, which become more expensive for holders of other currencies.
Meanwhile, Brent crude contracts on ICE for October delivery also weakened, falling 0.96% to USD 65.96 per barrel. The price spread between Brent and WTI was recorded at around USD 3.99 per barrel.
The recent oil price action highlights how the market is still balancing concerns over a potential global slowdown with supply-and-demand fundamentals. Traders are now looking ahead to upcoming economic data and U.S. crude stockpile reports as the next key catalysts that could determine price direction.