2019.06.0409:11:00UTC+00Crude Oil Futures Extend Losses

Crude oil prices are lower Tuesday morning, extending recent losses, amid concerns that energy demand may see a notable drop due to global economic slowdown.

However, the downside is not significantly pronounced as traders expect Saudi Arabia and major OPEC members will strike a consensus with regard to extending supply cuts.

West Texas Intermediate Crude oil futures for July are declining $0.32, or 0.6%, at $52.93 a barrel.

Brent crude oil futures for August delivery are lower by $0.62, or 1.01%, at $60.74 a barrel.

The OPEC members are likely to meet early next month to decide whether to extend supply cuts beyond this month.

On Monday, Saudi Energy Minister Khalid al-Falih said that a consensus was emerging among producers to continue working "to sustain market stability" in the second-half of the year.

Meanwhile, traders look ahead to weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).

While the API is scheduled to release its weekly oil report later today, the EIA's data will be out on Wednesday morning.