Oil prices retreat in Asia

Singapore
Oil prices extended losses in Asia Tuesday on expectations of a rise in US crude inventories and following forecasts that a global supply glut will persist into next year.
The US Energy Information Administration (EIA) will release Wednesday its weekly report on the country´s commercial crude inventories for the week ending October 23, which is seen as a gauge for demand in the world´s top oil consuming nation. Analysts expect another build-up. "Oil prices remain near two-month lows as oversupply issues stay in the forefront... Fundamentals re-exerted themselves," Bernard Aw, market strategist at IG Markets in Singapore, told AFP.
"There is a belief that US inventories are on the rise, which would prolong the global glut," he said. "The EIA on Wednesday will provide colour to the view."
In Asia, US benchmark West Texas Intermediate for December delivery was trading 51 cents lower at $43.47 and Brent eased 33 cents at $47.21 a barrel at around 0710 GMT.