Oil Market Update

The U.S. crude-oil benchmark failed to hold on to initial gains Tuesday, losing ground for a fifth straight session as traders awaited the latest round of supply data.

On the New York Mercantile Exchange, West Texas Intermediate crude futures for delivery in April CLJ5, +0.04% lost 17 cents, or 0.3%, to close at $49.28 a barrel. WTI’s losing streak is the longest since August.

Brent crude for April delivery LCOJ5, +0.44%  on London’s ICE exchange also failed to hold on to initial gains, dropping 24 cents, or 0.4%, to close at $58.66 a barrel.