Oil Hovers Near Three-Month Lows As Investors Await Data

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Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and data that may shed light on a supply overhang in the global market.

U.S. West Texas Intermediate crude (WTI) edged down 3 cents to $48.37 a barrel by 0026 GMT. The contract ended down 9 cents in the previous session after touching $47.90, the lowest since the end of November.

Brent crude futures were down 1 cent at $51.34 a barrel, having settled down 2 cents on Monday after dipping to as low as $50.85.

Prices fell sharply last week as investors worried that swelling U.S. crude supplies would hinder OPEC's efforts to restrict output and reduce a global glut.

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