Oil prices sank on Tuesday

International benchmarks for oil prices continue to move lower on Tuesday (3 May) for the third straight trading session as market renewed concern over the supply glut. Traders are also worried about the demand prospect after US ISM factory and China PMI number given by private firm Caixin Insight Group showed disappointment. Market is now waiting for the official data on US commercial crude inventories from the US Department of Energy, which many analysts expect to see smaller increased from last week.

WTI closed at $43.65/b (-$1.13) June delivery

Brent closed at $44.97/b (-$0.86) July delivery