US Oil Prices Drop 1% On Oversupply Fears

US oil prices fell 1 percent on Tuesday after slipping below $50 a barrel in the previous session, with reports of a big climb in US inventories and forecasts of record shale output stoking worries about oversupply.

Concerns around future oil demand amid weakening global economic growth and doubts on the impact of planned OPEC-led production cuts were also hurting prices, traders said.

US West Texas Intermediate (WTI) crude futures were at $49.35 per barrel at 0035 GMT, down 1.06 percent, or 53 cents, from their last settlement.

US crude prices have tumbled more than 35 percent since early October and are currently at levels not seen since October 2017.

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