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Oil prices are falling again at a time of concern over excess supply
Brent crude fell more than $ 3 on Tuesday, retreating for a third straight session as concern over oversupply worries over reports of rising stockpiles and expectations of record oil production in the United States.
Traders say prices are under pressure over concerns about future oildemand as global economic growth weakens and doubts about the effectiveness of planned output cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
According to Reuters, as of 0615 GMT Brent crude for the global benchmark Brent $ 58.62 a barrel, down 99 cents or 1.66 percent compared to the previous close.
Brent, which fell more than 4 percent in the last three sessions, slipped to $ 58.10 a barrel on Tuesday, down more than $ 1.50 from the previous close.
US crude futures fell 91 cents, or 1.82 percent, to $ 48.97 a barrel.
Brent crude and US crude have fallen more than 30 percent since early October due to a global stockpile, with WTI trading at unregistered levels since October 2017.
The US Energy Information Administration said on Monday oil output From seven large rocky oil basins in the United States to more than eight million bpd by the end of the year for the first time.
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