Investing.com - Crude oil futures extended losses during U.S. morning hours on Tuesday, after the International Monetary Fund cut its forecast for global economic growth this year.
Crude oil futures slump after IMF slashes global growth outlook On the ICE Futures Exchange in London, for November delivery shed 49 cents, or 0.53%, to trade at $92.30 a barrel.
London-traded Brent futures fell to $91.25 on Monday, the lowest since June 2012, amid speculation rising global supplies will be more than enough to meet slowing demand.
The IMF downgraded its global growth forecast for both this year and next, due to stagnation in Europe and a weaker-than-forecast recovery in Japan.
The agency now sees 2014 global growth of 3.3% and 2015 growth of 3.8%, a decline of 0.1% for 2014 and 0.2% for 2015 from forecasts made in July.
Elsewhere, on the New York Mercantile Exchange, for delivery in November traded at $90.20 a barrel, down 14 cents, or 0.15%.
Market players awaited the release of fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 1.4 million barrels in the week ended October 3.
Meanwhile the spread between the Brent and the WTI crude contracts narrowed to $2.10 from $2.45 in the previous session.