Oil ends lower as EIA cuts price forecasts and traders weigh prospects for a global output cut

Myra P. Saefong
Oil ends lower as EIA cuts price forecasts and traders weigh prospects for a global output cut

Oil futures give up earlier gains on Tuesday to settle lower, pressured after a U.S. government report lowered its price forecasts for this year and next and as traders weighed prospects for a global output cut when major producers meet later this week.