Michael Hewson, an analyst at CMC Markets, said disappointing U.S. economic data in the previous session helped to cap oil prices. U.S. consumer spending rose less than expected in May, which could prompt economists totemper their second-quarter growth forecasts.
On Tuesday, the U.S. Department of Commerce ruled that some energy companies may export a variety of ultra-light oil if it has been minimally refined, in what may be a marginal loosening of a decades-old ban on selling U.S. crude abroad.
Enterprise Products Partners, one of two companies given Department of Commerce approval on Tuesday to export condensate, said it could start exporting any time. Also putting pressure on prices, U.S. crude inventories unexpectedly rose by 1.74 million barrels last week to 388 million barrels, data from the U.S. government's Energy Information Administration showed.
--By Reuters. For more information on commodities prices, please click here.