Crude oil prices began Tuesday with losses, as shale oil production in the U.S.' most prolific fields are forecast to reach record high levels this month and the next to increase the glut of supply in the global oil market.
International benchmark Brent crude was trading at $58.55 a barrel at 0630 GMT with a 0.2 percent loss after it ended Monday at $58.67 per barrel.
American benchmark West Texas Intermediate was recorded at $49.24 per barrel at the same time, posting a 0.8 percent decline, after previously closing at $49.65 a barrel.
Brent crude decreased 2.7 percent on Monday, while WTI lost around 3.8 percent, as the U.S.' Energy Information Administration (EIA) said it forecasts shale oil production to hit all-time high levels in December and January.
Total shale oil output in the most prolific seven shale plays in the country is expected to increase by 201,000 barrels per day (bpd), or 2.5 percent, to reach a record high level of 8.03 million barrels per day (bpd) in December from the previous month, according to the EIA's Drilling Productivity Report on Monday.
Shale oil production is estimated to continue to climb in those seven plays to rise by another 134,000 bpd, or 1.7 percent, to a fresh record of 8.17 million bpd in January, the report said.
The U.S.' total crude oil production, including shale oil, was most recently at 11.6 million bpd for the week ending Dec. 7, according to the EIA data.
Rising oil output from the U.S. increases oversupply in the global oil market and puts a downward pressure on crude prices, experts said.
The oil market will now focus on the weekly change in the U.S.' crude oil inventories and production to be released late Wednesday by the EIA.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr