Oil futures edge lower on expected rise in supplies

Oil futures finished slightly lower on Tuesday, as expectations of rising supplies soured sentiment in the energy market.

Light sweet crude for September delivery fell 16 cents to end at $71.42 a barrel on the New York Mercantile Exchange.

Trading was very volatile on Tuesday. Oil prices rose as high as $71.91 and fell to an intraday low of $70.16 a barrel on Globex.

"After the huge advance yesterday, the market is uncertain about its next move," said Phil Flynn, vice president at futures trading and research firm PFG BEST Research. (more)