Singapore — Oil prices dropped more than 1% on Tuesday, falling for a third straight session, as reports of inventory builds and forecasts of record shale output in the US, currently the world's biggest producer, stoked worries about oversupply. Concern about future oil demand amid weakening global economic growth and doubts over the impact of planned production cuts led by the Opec were also pressuring prices, traders said. International benchmark Brent crude oil futures were at $58.90 per barrel at 3.40am GMT, down 71 US cents, or 1.2%, from their last close. Brent has fallen more than 4% in the past three sessions so far. US West Texas Intermediate (WTI) crude futures were down 60c, or 1.2%, at $49.27 per barrel. Both US crude and Brent have shed more than 30% from early October amid swelling global inventories, with WTI currently trading at levels not seen since October 2017. "Opec is reducing production to attempt to rebalance. However, data from Cushing still shows an oversupp...

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