December 18, 2018 (MLN): Oil prices declined by 1 percent on Tuesday for the third consecutive session, as reports of inventory builds and forecasts of record shale output in the United States fueled worries on oversupply.

Concerns around future oil demand amidst global economic crisis and doubts over the effect of production cuts led by the OPEC were also pressuring prices.

International benchmark Brent crude oil futures were at $57.8 per barrel at 0824 GMT, down 1.96 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down by 1.58 percent, at $48.3 per barrel.

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