Singapore — Oil prices gave up earlier gains on Tuesday, as concern over slowing demand and a relentless rise in US crude output undermined the hope that Opec-led production cuts could be extended. Brent crude futures, the international benchmark for oil prices, were at $49.37 a barrel at 2.52am GMT on Tuesday, down from a high of $49.60 earlier in the day and near their last close. US West Texas Intermediate (WTI) crude oil futures were trading at $46.46 a barrel, down from an intraday high of $46.66 and also little changed from their last settlement. Traders said that oil markets were under pressure as persistent climbs in US production, especially from shale oil drillers, and concern over a slowdown in China undermined efforts led by oil cartel Opec to prop up prices. US crude production has risen by more than 10% since mid-2016 to 9.3-million barrels a day, close to the output of top producers Russia and Saudi Arabia. "That’s making it difficult to drive the stockpiles down to a...
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