Oil Prices Remain near 2-Month Lows on Tuesday

Oil prices remained near two-month lows from the previous trading session on Tuesday as financial traders lost confidence in a recent price rally, switching positions in anticipation of lower prices. 
International Brent crude oil futures were trading at $46.13 per barrel, down 12 cents from their last close and near to the $45.90 two-month lows reached the previous day. US West Texas Intermediate (WTI) crude was down 13 cents at $44.63 a barrel. 
Analysts said that prices were being pulled down by the financial players who were switching positions from betting on price rises, or long positions, to positions that would benefit from price falls, known as shorts. 
Hedge funds and other money managers cut their bullish bets on crude oil by 22 million barrels over the seven days ending on July 5.