Oil Rally Fizzles, Losing Streak Reaches Seven Days

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The price of crude oil reversed early gains to end a touch below $72 a barrel Tuesday, extending its losing streak to a seventh session.

August crude oil settled down $0.16 at $71.98 a barrel on the New York Mercantile Exchange, after trading as high as $73.86.

The prices have dropped around 9% over the past seven days.

Oil futures advanced along with equity markets early in the day, after the Reserve Bank of Australia gave a cautious but fairly upbeat assessment of the global economy in a statement that accompanied its rate decision.

However, the initial momentum fizzled and traders weighed results of a survey from the Institute for Supply Management that revealed a slower-than-expected pace of growth in the US service sector.

The ISM non-manufacturing index fell to 53.8 in June from the prior month's reading of 55.4, compared to consensus expectations for a drop to 55.0. However, a reading above 50 indicates growth in the sector.

The dollar extended its recent weakness to touch a seven-week low against the euro. (Provided by RTTNews)