Global oil markets tumbled Tuesday due to continued worries about a supply gut, pushing price levels down for four straight sessions.
Brent hit 50.52 dollars per barrel, the lowest since 2009. The first two days of the week saw the price fall by 10 percent. The crude briefly bounced up in Tuesday's session, in response to weaker than expected US economic data, but resumed a downward trend most of the day.
The global oil sell-off began about six months ago because of growing US shale crude and record high output from major oil-producing countries such as Russia and Iraq. Now the market is waiting for the US inventory data of last week due at 10:30 am Eastern Time Wednesday. Traders say crude prices may further ease to mid 40 levels, but could bounce up on the back of market sentiment.