From Myra Saefong
: Oil futures reversed course
Tuesday afternoon to trade lower, with global benchmark prices slipping back below $60 a barrel. Expectations for a slowdown in global economic growth that may lead to lower energy demand, as well as strength in the U.S. dollar contributed to oil's prices losses, said Phil Flynn, senior market analyst at Price Futures Group. The benchmark ICE U.S. Dollar Index DXY, +0.31%
rose after Federal Reserve Vice Chairman Richard Clarida said
in a speech Tuesday that he backed continued gradual interest rate hikes. January West Texas Intermediate oil CLF9, -0.70%
fell by $1.19, or 2.3%, to $50.45 a barrel on the New York Mercantile Exchange after an earlier high above $52. January Brent crude LCOF9, -0.99%
traded at $59.53, down 95 cents, or 1.6%.