Oil futures pull back from highest levels since March to finish lower

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Oil futures settled with a loss on Tuesday, with U.S. prices pulling back from their highest intraday level since March. A monthly report from the Energy Information Administration showed lower expectations for this year’s U.S. crude output, along with higher 2020 oil-price forecasts. Phil Flynn, senior market analyst at The Price Futures Group, referred to that report as “bullish,” but said “oil could not ignore the big correction in precious metals.” The sharp selloff in gold and silver Tuesday “led to some trickle over margin selling on oil,” said Flynn. September West Texas Intermediate oil declined by 33 cents, or 0.8%, to settle at $41.61 a barrel on the New York Mercantile Exchange. Prices for the front-month contract traded as high as $42.94 during the session, the highest intraday mark since early March, according to FactSet data. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.