Oil slumps, hits lows sub-$45.00/bbl

Oil prices extended losses on Tuesday after the International Energy Agency (IEA) said that a slowdown in demand will likely keep oil markets oversupplied next year.

Crude oil for October delivery on the New York Mercantile Exchange was down 2.29%, to $45.23 a barrel, having hit a low of $44.77/bbl so far.

Investors now turn their attention to API weekly report on US stockpiles of crude and refined products, that will be released later on Tuesday. Official data from the EIA will be published on Wednesday.