Brent crude futures were trading at $47.58 per barrel at 0041 GMT, down 43 cents, or 0.9 percent, from their last settlement. U.S. West Texas Intermediate futures were down 50 cents, or 1.1 percent, at $45.38 a barrel. Traders said the price falls on Monday and Friday were a result of increasing oil drilling activity in the United States, which indicated that producers can operate profitably around current levels.
SINGAPORE: Oil prices moved very little on Tuesday, with liquidity fading in the run-up to the Christmas weekend.
U.S. West Texas Intermediate (WTI) crude oil futures were trading at $52.11 per barrel at 0035 GMT, virtually unchanged from their last settlement.
International Brent crude oil futures were yet to trade.
Traders and analysts said there were no fundamentals available to drive large price swings, and that markets would likely remain tepid this week.
"With little data due, prices are likely to drift aimlessly in today's session," ANZ bank said on Tuesday.
Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore said that "a light news week and the run in to the holiday season" was keeping markets quiet.- Reuters
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