05.12.201708:34:00UTC+00Crude Oil Lower As U.S. Production Seen Rising

Crude oil futures were lower Tuesday, extending modest recent losses due to a stronger U.S. dollar and expectations of robust domestic production in 2018.

The U.S. oil rig count has been rising, hinting that U.S. firms are comfortable with oil prices between $50 and $60 a barrel.

OPEC and Russia, on the other hand, have agreed to extend their supply quota plan through next year in an effort to drive prices even higher.

WTI light sweet oil was down 20 cents at $57.26 a barrel.

In economic news this morning, the U.S. trade deficit surged up 8.6% last month.