Investing.com - Oil prices sank to the lowest level since November in North American trade on Tuesday, as concerns over a glut in the market continued to batter sentiment.
The U.S. West Texas Intermediate crude August contract was at $43.70 a barrel by 6:30AM ET (1030GMT), down 73 cents, or around 1.6%, after falling to its lowest since November 15 at $43.45 earlier in the session.
Elsewhere, Brent oil for August delivery on the ICE Futures Exchange in London slumped 75 cents to $46.16 a barrel. The global benchmark touched an intraday low of $45.89, a level not seen since November 15.
Oil prices lost around 1% on Monday as concerns over a steady increase in U.S. production added to fears over a glut in the market.
U.S. drillers last week added rigs for the 22nd week in a row, according to data from energy services company Baker Hughes, implying that further gains in domestic production are ahead.
The increase in U.S. drilling activity and shale production has mostly offset efforts by OPEC and other producers to cut output in a move to prop up the market.
Last month, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018.
So far, the production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria.
Investors now looked ahead to weekly data from the U.S. on stockpiles of crude and refined products.
Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2030GMT) later on Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 2.2 million barrels.
Elsewhere on Nymex, gasoline futures for July declined 2.0 cents, or roughly 1.4%, to $1.431 a gallon, while July heating oil lost 1.5 cents to $1.395 a gallon.
Natural gas futures for July delivery was little changed at $2.893 per million British thermal units.