NEW YORK, May 24 (Xinhua) — Oil prices ended mixed on Tuesday as traders assessed tight supplies and recession risks.
The West Texas Intermediate for July delivery lost 52 cents, or 0.5 percent, to settle at 109.77 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 14 cents, or 0.1 percent, to close at 113.56 dollars a barrel on the London ICE Futures Exchange.
Prices found some support from tight fuel supplies coupled with the prospect of U.S. gasoline demand picking up during the upcoming summer driving season.
Meanwhile, concerns over a possible recession weighed on the market.
Traders are also awaiting data on U.S. crude stockpiles as the U.S. Energy Information Administration is set to release its weekly petroleum status report on Wednesday. Analysts surveyed by The Wall Street Journal forecast U.S. crude inventories to show a fall of 600,000 barrels for the week ending May 20.
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