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    Oil sell-off extends amid global jitters, API data in focus Dhwani Mehta

    Oil benchmarks on both sides of Atlantic keep pushing lower as we progress towards the European morning trades, extending the losing streak into a fourth-day today.API inventory report in focusCurrently, both crude benchmarks are down nearly 1%, with Brent below 50 barrier, while WTI trades near 48.40 levels. Oil markets remain wary over China slowdown fears, looming Brexit concerns and muted 2016 global oil demand, which altogether weighed down on the oil prices.Moreover, OPEC’s monthly report showed that both global oil demand and supply remained unchanged when compared to its previous forecasts. While world oil demand growth for this year is expected to remain muted at 1.20 million bpd to average 94.18 million bpd.Markets now await the fresh weekly report on the US crude stockpiles due to be published by the American Petroleum Institute (API) later today. While all eyes remain on the USD moves as well, with the Fed commencing its two-day monetary policy meeting later this Tuesday.

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