Investing.com - Crude oil prices dipped further in early Asia on Tuesday as investors turn focus to industry and government data on U.S> stocks.
Later Tuesday, the American Petroleum Institute will release data on industry estimates of stocks last week. The more closely-watched Department of Energy data for the same period is due on Wednesday.
On the New York Mercantile Exchange, crude oil for delivery in January traded at $62.85 a barrel, down 0.27%, after hitting a daily low of 64.11 overnight.
Brent crude, the global benchmark, fell 4% to $66.33 a barrel on Monday. Brent was down 38% year to date through Friday and to the lowest level since 2009.
Wall Street investment bankMorgan Stanley on Monday cut its price forecast for Brent crude to $70 from $98 and for 2016 to $88 from $102.
"Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015," the bank said in a report on Monday.
Saudi Arabia's state-run oil company lowered official selling prices for its crude in January last week to the lowest in at least 14 years for buyers in the U.S. and Asia.
The move suggested that the kingdom is stepping up a battle for market share with cheaper U.S. shale oil after last week's OPEC decision to keep production quotas unchanged.
The Organization of Petroleum Exporting Countries said on November 27 that it would maintain its output target at 30 million barrels a day, disappointing hopes the oil cartel would lower production to support the market, as a surplus develops amid the shale boom in the U.S., which is pumping at the fastest pace in more than 30 years.
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