Crude oil prices slumped in Asia on Tuesday as investors looked ahead to data from China on GDP, retail sales and industrial production.
On the New York Mercantile Exchange, crude oil for delivery in March fell 2.40% to trade at $47.95 a barrel during U.S. morning hours.
Overnight, oil futures were under pressure on Monday, amid indications OPEC producers are showing no sign of curtailing output.
Iraqi Oil Minister Adel Abdul Mahdi said on Sunday that his country was pumping at a record pace of 4 million barrels a day in December, underlining concerns over a glut in global supplies.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery declined 71 cents, or 1.43%, to trade at $49.46 a barrel.
Read more Click here / www.trade4x.net
On the New York Mercantile Exchange, crude oil for delivery in March fell 2.40% to trade at $47.95 a barrel during U.S. morning hours.
Overnight, oil futures were under pressure on Monday, amid indications OPEC producers are showing no sign of curtailing output.
Iraqi Oil Minister Adel Abdul Mahdi said on Sunday that his country was pumping at a record pace of 4 million barrels a day in December, underlining concerns over a glut in global supplies.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery declined 71 cents, or 1.43%, to trade at $49.46 a barrel.
Read more Click here / www.trade4x.net
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