Investing.com - Investing.com - Concerns that the world is awash in crude offset bullish U.S. data and escalating tensions in Ukraine and sent oil prices falling on Tuesday.
In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded down 1.12% at $97.19 a barrel during U.S. trading. New York-traded oil futures hit a session low of $97.04 a barrel and a high of $98.67 a barrel.
The September contract settled up 0.42% at $98.29 a barrel on Friday.
Nymex oil futures were likely to find support at $96.26 a barrel, the low from Feb. 3, and resistance at $102.10 a barrel, the high from July 28.
Despite data suggesting the U.S. economy is improving, growing concerns that the global economy is not gaining enough steam to make a dent in ample crude supplies sent the commodity tumbling on Tuesday, offsetting otherwise bullish pressures in the U.S. and in Eastern Europe.
The Institute of Supply Management reported earlier that its services purchasing managers' index jumped to 58.7 in July from 56.0 in June.
Economists had expected the index to tick up to 56.3.
The new orders component of the index rose to 64.9 in July from 61.2 in June, the highest reading since August 2005. The employment index rose to 56 from 54.4 in June, the fifth consecutive month of growth.
Also in the U.S., the U.S. Census Bureau reported that factory orders climbed by 1.1% in June, beating forecasts for a gain of 0.6%. Factory orders fell by 0.5% in May.
Still, a China's HSBC services purchasing managers' index dropped to 50.0 in July from 53.1 in June, right on the 50 mark that separates expansion from contraction, which rattled nerves in energy markets.
Escalating tensions between Russia and Ukraine failed to bring up oil prices as well.
Despite fears the conflict could disrupt oil shipments out of Russia and crimp global supply, parallel concerns that sanctions slapped on Moscow by the West will dampen global recovery kept oil prices in the gutter on Tuesday.
Separately, on the ICE Futures Exchange in London, Brent oil futures for September delivery were down 0.77% and trading at US$104.60 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$7.41 a barrel.
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