Oil was traded on Tuesday near its weakest levels since 2004. Futures for WTI fell 2.39% to trade at $30.66 per barrel, while Brent futures slipped 2.51% to $31.08 per barrel. One of the reasons for downfall is strong US dollar after the better than expected NFP job report. A global crude surplus and slowing demand are also responsible for the slide in oil prices.
Analysts are cutting their price forecasts for both WTI and Brent due to the recent price rout, with both benchmarks losing over 17% since the beginning of this year.
The fresh weekly stockpile report by the American Petroleum Institute will be released later in the day, while the official government's data by the Energy Information Administration are scheduled for Wednesday.
Meanwhile, China, a key oil consumer, remains in the spotlight amid signs its economy is slowing, with the stock market seeing a rout since the start of 2016.
