Crude oil slumped below $37 a barrel on Tuesday to mark its largest decline in one month on expectations that U.S. supplies have increased due to low demand.
Analysts expect U.S. Energy Department to report that crude stockpiles increased by 2.25 million barrels last week, gasoline stockpiles rose 1.5 million barrels from 211.4 million and supplies of distillate fuel including heating oil and diesel, climbed 1.5 million barrels from 137.8 million, according to a Bloomberg survey.
U.S. Crude oil futures for delivery in February fell 2.08 percent or 78 cents to $36.81 a barrel by 7:24 a.m. on the New York Mercantile Exchange Tuesday. The contract had dropped 25 percent in six days.
Brent crude oil for February was gaining 0.16 percent to $42.98 a barrel in the London's ICE Futures Exchange.