USA oil prices fell to their lowest in almost a month Tuesday, as selling continued after Monday's sharp drop on expectations global producers will bring additional crude oil to market to make up for recent deficits.
Light, sweet crude for August delivery declined 0.9% to $67.46 a barrel on the New York Mercantile Exchange. It lost 4.2 percent on Monday.
Brent crude, the global benchmark, was flat to $71.88 a barrel.
"The perception in the oil market seems to be shifting", Carsten Menke, commodity research analyst at Swiss private bank Julius Baer, said.
"Fears of shortages, which pushed prices as high as $80 per barrel in early summer, are receding and concerns about looming surpluses growing".
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Oil prices dropped on Wednesday after an industry group reported that USA crude inventories rose last week, defying analyst expectations for a significant reduction.
Oil prices are back on the defensive with WTI crude barrels back beneath 68.00 as U.S. inventory supplies bumped higher than expected.
Output is expected to rise in all seven formations. The ongoing US-China trade war could dampen demand too and, as a result, the price of US crude oil is dropping sharply.
Beijing's state planning agency said it was still confident of hitting its economic growth target of around 6.5 percent this year, despite views that it faces a bumpy second-half as the trade row with Washington intensifies. I think that rallies that show signs of exhaustion continue to be selling opportunities, as we clearly have a lot of supply just below the $75 handle.
Russian crude production could also ramp up, restoring 300,000 barrels per day (bpd) that were cut in an agreement with OPEC, he said.
India's gold imports plunged 25 percent in the first quarter as gold prices increased citing sharp Rupee depreciation. Spot gold prices plunged sharply on Tuesday to one year low levels of $1226.8/oz as dollar gained momentum after U.S.
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