AKIPRESS.COM - Brent oil extended losses into a fourth session on Tuesday, with prices hovering close to a more than five-year low above $57 per barrel, as persistent worries about a global supply glut offset concerns about output disruptions in Libyan, reports Reuters. 

Forecasts for a 900,000-barrel draw in oil stocks last week in top consumer the United States, however, checked further losses. A draw would follow a rise to the highest recorded level for December in the week ended on Dec. 19. [EIA/S]

Brent for February delivery fell 25 cents to $57.63 as of 0528 GMT, after tumbling to $57.37 in the previous session, the lowest level since May 2009.

U.S. crude for February delivery fell 28 cents to $53.33 after it settled down $1.12 on Monday, when it hit an intraday low of $52.90 - also the lowest since May 2009.

"There's no sign of any reduction of output by OPEC," said Ken Hasegawa, commodity sales manager at Tokyo's Newedge Japan.

He said Brent could drop to $55 a barrel and U.S. crude to $50 a barrel early next year.

Traders are now eyeing weekly U.S. inventory data.