Oil gave up earlier gains Tuesday, pulling back in the wake of a two-session climb, but fighting in Iraq and tensions between the United States and Iran kept prices close to a three-week high.
November West Texas Intermediate crude fell by 23 cents, or 0.4%, to $51.64 a barrel on the New York Mercantile Exchange after tapping a high of $52.25. It settled at $51.87 Monday, it’s highest since Sept. 27. Brent crude for
December, -0.66% lost a penny to $57.81 a barrel. A monthly report from the Energy Information Administration released Monday showed expectations for a rise of 81,000 barrels a day to 6.12 million barrels a day in shale oil production from seven key U.S. shale regions in November.
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