Crude sags further as focus shifts to American supply data

On Tuesday, oil managed to extend its drop into a second session because market participants looked ahead to weekly reports from America on stockpiles of oil as well as refined products to indicate the strength of demand in the world’s number one consumer.

Industry group the American Petroleum Institute is expected to publish its weekly report soon on Tuesday. On Wednesday, official data from the Energy Information Administration is going to be published, amid estimates for an oil-stock sag of approximately 3.5 million barrels that would mark the third-straight dip.

American West Texas Intermediate crude futures edged down 0.4% hitting $57.23 a barrel, having declined 1.5% yesterday.

At the same time Brent crude futures got to $62.22 a barrel, diving 0.4%, from their previous close. In the previous session the contract tumbled 2%.

On Monday, crude settled lower amid concerns that soaring American shale output would affect OPEC’s vigorous effort to rid the crude market of excess supplies.

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