Oil reverses early gains and turns negative

FXStreet (Córdoba) - Oil prices reversed early gains and fell into negative ground for the day on Tuesday amid lingering concerns of global supply glut and a risk off environment on concerns over China’s economy and Tensions in the Middle East.

February West Texas Intermediate crude fell 1.4% to $36.25 a barrel on the New York Mercantile Exchange after hitting intraday highs above $37.00 a barrel.

Later on the day, American Petroleum Institute (API) will publish its weekly crude oil stock report ahead of tomorrow’s Energy Information Administration (EIA) report.