Oil prices extend losses ahead of U.S. stockpile data

Oil prices kept falling Tuesday as investors awaited weekly data on U.S. crude and petroleum-product supplies scheduled for release Wednesday.

U.S. crude supplies are forecast to have decreased last week, while inventories of gasoline and distillate fuel are seen rising, according to a Bloomberg survey before a report from the Energy Information Administration Wednesday.

Meanwhile, Libya's National Oil Corporation reportedly said on Monday that production had risen above 760,000 barrels per day to its highest since December 2014, and it plans to keep boosting production.

The West Texas Intermediate for June delivery dropped 1.18 U.S. dollars to settle at 47.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 1.06 dollars to close at 50.46 dollars a barrel on the London ICE Futures Exchange. Endit