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Oil prices fell about 2% on Tuesday, amid fears that the global economic slowdown could drag down demand for crude oil amid a surge in U.S. shale oil production and lower-than-expected cuts in Russian production.
The International Monetary Fund (IMF) has again lowered its global economic growth forecasts and signs of a slowdown in China's economy spreading, weighing heavily on crude oil prices, as traders fear that crude oil supply will increase this year despite the fall in oil prices.
Data "reignites" demand concerns, "the current oil market is oversupply," says Gene McGillian, head of market research at Tradition Energy. "The question is, will these concerns increase in importance in the market?"
Brent crude oil futures closed down $1.24, or 2%, at $61.50 a barrel. U.S. crude oil futures fell $1.23, or 1.9%, to $52.57 a barrel.
Analysts said concerns about the productivity cuts of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, helped drive down oil prices.
A spokesman for the Russian Ministry of Energy said that the energy minister, Novak, would not go to Switzerland to attend the World Economic Forum in Davos because of the change in his schedule.

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