OIL PRICES: O'ER $51
REUTERS - Crude oil prices hovered near three-month lows on Tuesday, with investors waiting for key reports and data that may shed light on a supply overhang in the global market.
U.S. West Texas Intermediate crude (WTI) CLc1 was down 7 cents at $48.33 a barrel, as of 0716 GMT. The contract ended down 9 cents in the previous session after touching its lowest since the end of November at $47.90.
Brent crude futures LCOc1 gained 3 cents to $51.32 a barrel, having settled down 2 cents on Monday after dipping as low as $50.85.
Both benchmarks had slightly fluctuated during Asian hours.
Prices fell sharply last week as investors worried that swelling U.S. crude supplies would hinder Organization of the Petroleum Exporting Countries's (OPEC) efforts to restrict output and reduce a global glut.
Prices rose after the OPEC and other major oil producers, including Russia, had agreed in November to rein in production by almost 1.8 million barrels per day (bpd) in the first half of 2017.
"It's shaping up to be another fun week in the crude complex, with OPEC releasing its monthly oil market report on Tuesday, swiftly followed by the IEA's monthly oil market report the day after," Matt Smith, analyst at ClipperData, said in a note.
The International Energy Agency releases its closely watched monthly oil market report on Wednesday.
Data from the industry group the American Petroleum Institute on U.S. crude and product stockpiles is also due later on Tuesday.
U.S. shale oil production in April was set for its biggest monthly increase since October as output in the Permian Basin, America's fastest growing shale oil region, was expected to hit another record high, government data showed on Monday.
"I think this week is crucial to give us an idea of where prices will be for the rest of the year - all eyes will be on API data later, and a sniff of another big crude build and down we go towards $45," said Matt Stanley, commodities broker, Freight Investor Services.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.