Investing.com - Oil prices dropped for a third session on Tuesday, as weakening demand for gasoline and persistent doubts on whether crude producers will be able to reach an agreement to rein in a worldwide supply glut dragged on the market.
U.S. crude was trading at $35.43 per barrel at 10:47 GMT, down 27 cents from their last settlement. Whilst Brent futures were down 8 cents at $37.61 a barrel.
Analysts said crude prices could fall again soon as an emerging gasoline glut potentially adds to a global overhang in crude output that sees more than 1 million barrels of oil produced in excess of demand every day.
To address the crude overhang, major producers like Saudi Arabia and Russia have proposed a freeze in output at January levels, when both pumped at or near record levels.