Oil is trading lower today after yesterday's strong rally ahead of today's API Crude Oil Inventories and Wednesday's official report on U.S. stockpiles. Monday's gains were driven by a report that U.S. supplies surprisingly dropped.

Saudi Arabia, the OPEC's biggest producer, raised prices for its exports to Asia.

Today Goldman Sachs published a report in which the bank says that oil prices have to remain low for an extended period of time in order to slow down U.S. output growth.

Iran, if sanctions will be fully removed, is expected to need some months in order to increase its exports.

Brent Crude lost -0.34% currently trading at USD57.92 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate dropped -0.86% currently quoted at USD51.69.

Oil prices declined sharply in recent months as worldwide supply exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.