Crude oil futures pulled back on Tuesday as the dollar recovered from recent weakness and investors fretted about the demand outlook.

Crude for February delivery settled down 86 cents at $93.28 a barrel on the New York Mercantile Exchange.

Traders worried about the upcoming US Energy Information Administration report out on Wednesday, which is expected to show increased supplies amid dwindling demand.

Data is expected to show crude oil stocks rose 2.5m barrels in the week ended January 11th. Gasoline stocks are forecast to increase by 3m barrels while distillate stocks are predicted to rise 1.6m.

Markets also continued to mull a Platts survey of the Organization of the Petroleum Exporting Countries, out at the start of the week, which said that oil production dropped by 430,000 barrels per day in December compared to a month earlier to 30.65m barrels per day.

On the ICE futures exchange Brent crude declined 1.4% or $1.58 to $110.30 a barrel.

Elsewhere gold futures rushed to a two-week high on Tuesday but platinum bagged the day's biggest gains.

April platinum rallied $31.70 to settle at $1,689.90 an ounce and February gold advanced $14.50 to $1,683.90 an ounce on the Comex division of the New York Mercantile Exchange.



CJ

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