Brent crude fell below $58 a barrel on Tuesday after the International Energy Agency (IEA) warned that oil prices may decline as stocks continue to increase this year.
Oil stocks held by countries in the Organisation for Economic Cooperation and Development may come close to the all-time high of 2.83 billion barrels in the middle of 2015, said the IEA, which advises the West on energy policy.
Brent crude slipped 66 cents to $57.68 by 0926 GMT, ending a three-day rally. The benchmark gained more than 9 percent last week, its biggest weekly rise since February 2011.
US crude futures dropped to $52.06, down 80 cents.
China’s consumer inflation came in at a five-year low for January, raising worries about oil demand in the world’s second-largest economy.
Oil prices received a boost on Monday after a monthly report by the Organization of the Petroleum Exporting Countries (OPEC) raised the forecast for 2015 demand for its oil to 29.2 million barrels per day (bpd), up 430,000 bpd from an earlier forecast.
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