Oil remains near 3-month lows, eyes inventory data

Oil prices on both sides of the Atlantic remain near three-month lows this Tuesday morning in Asia as investors await the weekly American Petroleum Institute (API) oil inventory data and US Department of Energy data.

At the time of writing, Brent was down 12 cents or 0.23% at $51.30/barrel. WTI oil was down 5 cents or 0.10% at $48.35/barrel.

Prices tanked last week on worries that rising US oil supplies are working against OPEC’s effort to reduce the global glut. The International Energy Agency is set to release its monthly oil report on Wednesday.

It sell-off may have been done for now, given the oversold technical indicators following last week’s 8% drop.