Oil prices extend losses ahead of U.S. inventory data

Graphics shows the prices of light, sweet crude oil in the past 12 months. The price of light, sweet crude for March delivery lost 1.62 percent to settle at 64.50 dollars a barrel on the New York Mercantile Exchange on Jan. 30, 2018. (Xinhua/Lu Zhe)

NEW YORK, Jan. 30 (Xinhua) -- Oil prices continued to fall Tuesday as investors awaited the U.S. crude stockpile data scheduled for Wednesday.

The Energy Information Administration (EIA) will release the data of U.S. crude inventories in its weekly report on Wednesday. Analysts expected the official data to show a buildup, after declining for 10 consecutive weeks, according to a Bloomberg survey.

Meanwhile, the International Energy Agency said earlier this month that it expects U.S. production to surpass that of Saudi Arabia, climbing above 10 million barrels a day in 2018.

Renewed concerns over a global supply glut weighed on the market. Analysts worried that crude output growth from the U.S., Canada and Brazil would more than match projected global demand growth for the remainder of the year.

The West Texas Intermediate for March delivery decreased 1.06 U.S. dollars to settle at 64.50 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery lost 0.44 dollar to close at 69.02 dollars a barrel on the London ICE Futures Exchange.