Energy stocks fell as oil prices continued to pull back from the 2024 highs set last week.
The front-month Nymex crude contract fell 1.4% to $85.23 a barrel.
The Energy Information Administration raised its estimate for average Brent crude oil prices this year to $89 a barrel from $87 previously, which it says "reflects our expectation of strong global oil inventory draws during this quarter and ongoing geopolitical risks." The Brent contract for June delivery settled at $89.42 a barrel on Tuesday.
U.S. crude oil inventories likely increased last week, while gasoline and distillates stocks are expected to have fallen, according to a survey by The Wall Street Journal.
Analysts forecast that ethanol inventories reported by the EIA on Wednesday may move closer to record highs set during the Covid-19 pandemic.
British energy giant BP expects higher oil and gas production to boost its first-quarter profit.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
04-09-24 1656ET
