Oil prices dip on high OPEC, U.S. production outlook

Crude oil dipped on Tuesday on expectations of rising OPEC output and a potential increase in US shale production, but analysts said that strong refinery demand was preventing further price falls.

Front-month Brent crude futures had fallen 13 cents to $64.75 per barrel by 0043 GMT on Tuesday.

US crude futures were down 5 cents at $60.15 a barrel.

The slight declines on Tuesday continued a 1-percent drop from the previous session.

The dollar remains near one-month highs against a basket of currencies as expectations of an interest rate hike from the Federal Reserve this year remain high, while the euro is under pressure by Greece’s financial crisis and soft euro zone data.

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Posted in: Indian Market Tips