Crude oil futures fell Tuesday morning, extending big losses from the previous session amid turmoil in the global markets.
U.S. stocks are poised for another rough session following yesterday’s historic sell-off.
The Dow Jones Industrial Average fell 4.6%, or 1,175 points, to 24,346. It was the biggest one-day point drop ever, and worst on a percentage basis since 2011.
With the dollar getting a boost from safe haven demand, crude oil prices have come under pressure this week.
WTI light sweet crude oil was down 81 cents at $63.28 an ounce.
Analysts say that rising U.S. oil production also dented oil prices. U.S. inventories data will be released over the next two days.
There is also concern that Russia and Saudi Arabia will boost production despite pledges to cap output until global oil markets are re-balanced.
The material has been provided by InstaForex Company – www.instaforex.com