Oil prices hovered near their lowest in almost seven years in Asia on Tuesday ahead of the release of US crude inventories and expectations of an increase in American interest rates.
The decision by the OPEC oil producers grouping last week to maintain its lofty production levels continues to weigh on a market already awash with supplies as traders fix their sights on other developments that could influence prices. US benchmark West Texas Intermediate (WTI) for January delivery was up two cents at $37.67 and Brent crude for January was trading 18 cents higher at $40.91 at around 0550 GMT.
WTI fell 5.8 per cent to $37.65 in New York and Brent tumbled 5.3 per cent to $40.73 in London on Monday, their lowest levels since February 2009.