18.12.201805:51:00UTC+00Oil Prices Down 3% On Oversupply Fears

Oil prices fell around 3 percent on Tuesday to extend losses for a third straight session amid growing concerns around future oil demand in the face of rising risks to global growth.

Global benchmark Brent crude fell more than 3 percent to $57.80 per barrel, after having fallen 1.1 percent on Monday.

U.S. West Texas Intermediate (WTI) crude futures were also down nearly 3 percent at $48.70 per barrel, after having ended down 2.6 percent at a 14-month low the previous day.

Investor sentiment remains under pressure from worries about oversupply and doubts over the impact of planned production cuts led by OPEC to rebalance the oil market.

Traders are also reacting to reports of inventory builds and forecasts of record shale output in the United States ahead of weekly inventory reports from the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA).

U.S. petroleum exports have increased over the past several years to become an important factor in global oil markets, the EIA said on Monday in its latest Petroleum Administration for Defense District report.

U.S. petroleum product exports reached 5.2 million barrels per day (b/d) in 2017, according to EIA.