Investing.com - Crude oil prices fell on Tuesday, following the release of bearish supply estimates from the International Energy Agency.
U.S. crude oil was down 0.49% to $46.87 a barrel during European morning hours, while global benchmark Brent was down 0.3% to $50.08.
The IEA warned that oil markets would likely remain oversupplied next year, as oil demand growth slows down amid an expected return of Iranian oil.
The agency cut its forecast for oil demand growth for next year by about 200,000 barrels a day compared to its previous assessment in September.
Oil prices dropped more than 5% on Monday on news of higher output by the Organization of the Petroleum Exporting Countries
The oil market has been volatile in recent months amid uncertainty about how quickly the global supply glut is set to shrink.