Brent and NYMEX slump steeply in Asia

On Tuesday, oil prices kept tumbling further during Asia trade ahead of industry estimates on American supplies as well as surging caution on prospects for an agreement among key oil producers to freeze output.

On Tuesday evening, the American Petroleum Institute is expected to publish its estimates of American crude and also refined product stockpiles for last week with the figures followed by more closely watched data from the US Department of Energy on Wednesday.

In New York, October delivery crude futures sank 1.43%, trading at $46.73 per barrel. October delivery Brent futures tumbled 1.16%, trading at $48.59 per barrel.

Overnight, crude prices dipped steeply in North American trade on Monday, thus extending overnight losses as market participants decided to cash in their revenues following this month's impressive soar, which analysts warned was not justified by fundamentals.

Crude futures rose almost $10 per barrel or approximately 25% from their August 2 minimums, as the prospect of a production freeze by key producers spurred a massive growth. 

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