Oil prices stumbled for third straight session on Tuesday, shedding more than 3 percent, as concerns about oversupply rose after reports of inventory build and record estimates of shale output in the US.
Brent crude oil futures for February delivery dropped 2.9 percent to a low of $57.86 per barrel. The international benchmark has lost more than 4 percent in the previous three sessions.
US West Texas Intermediate (WTI) crude futures declined 2.7 percent to a low of $48.52 per barrel, its weakest level since September 2017, before recovering to trade down 3 percent to $48.67 a barrel.
Both US crude and Brent have fallen over 30 percent since early October due to mounting global supplies, with WTI now at levels not seen since October 2017.
Concerns over future oil demand amid slowing global economic expansion and doubts over the success of planned output curbs led by the Organization of the Petroleum Exporting Countries (OPEC) also added more pressure on prices, according to traders.
Analyst Benjamin Lu Jiaxuan stated that rising US shale production levels along with a deceleration in global economic growth has threatened to offset OPEC+ efforts as markets weigh the potential of looser fundamentals.
Market confidence remains extremely delicate amid looming economic uncertainties as investors contemplate on weaker fuel demand beyond 2018, he added.