Global oil prices dropped after the American Petroleum Institute (API) data showed a surprise increase in US crude stocks. However, losses were restricted due to ongoing tensions in the Middle-East.
Oil prices continued their upward trend for the fourth consecutive day on Tuesday on expectations that the US Federal Reserve will cut interest rates for the first time in more than ten years to support the growth in demand for fuel in the country.
Oil prices have slightly edged higher on China's factory data but are on track for a weekly loss.Brent crude futures were down $0.27 at $59.89 a barrel, while US West Texas Intermediate (WTI) crude futures were down $0.32 at $54.50 per barrel, reported Reuters.