Oil prices on Tuesday hovered around their lowest levels since January as markets remain under pressure from rising U.S. supply and stalling demand amid an economic slowdown.

Front-month Brent crude futures, the international benchmark for oil prices, were at $60.50 at 0108 GMT. That was 13 cents, or 0.2%, below last session's close.

U.S. West Texas Intermediate (WTI) crude futures were at $51.62 per barrel, 6 cents, or 0.1%, below their last settlement.

Brent and WTI on Wednesday hit their lowest levels since January, at $59.45 and $50.60 per barrel respectively, amid a surge in U.S. crude inventories and record production, and as a global economic slowdown was starting to hit energy demand.

U.S. crude oil production rose to a record 124.4 million barrels per day (bpd) in the week to May 31, the Energy Information Administration (EIA) said on Wednesday, an increase of 1.63 million bpd since May 2018.

Source : Reuters