2021.11.1619:05:00UTC+00Oil Futures Settle Marginally Down

Crude oil futures settled lower on Tuesday, weighed down by a forecast by the International Energy Agency (IEA) that global crude output will rise and help ease tight supplies.

Oil prices were also weighed down concerns about the outlook for energy demand following a surge in coronavirus cases and fresh restrictions of movements in several countries in Europe.

The U.S. Centers for Disease Control and Prevention on Monday moved four European destinations to its highest-risk category for travel - a reflection of the growing concern over rising cases in Europe.

West Texas Intermediate Crude oil futures for December ended lower by $.12 or about 0.2% at $80.76 a barrel, coming off the session's low of $80.03 a barrel.

Brent crude futures, which drifted down to $81.55 a barrel, recovered subsequently and were up $0.40 or 0.48% at $82.45 a barrel a little while ago.

The IEA said the oil market rally may ease as high prices could provide a strong incentive to boost production, particularly in the United States.

Last week, OPEC cut its world oil demand forecast for the fourth quarter by 330,000 bpd from last month's forecast, as high energy prices hampered economic recovery from the COVID-19 pandemic.

Traders now await weekly oil reports from the American Petroleum Institute (API) and Energy Information Administration (EIA). The API's report is due later today, while the EIA will release its inventory data Wednesday morning.