Oil prices deepened their losses in American trade on track for fresh two-month lows, after the International Energy Agency warned from global oversupply, with US output hitting record highs. 

As of 13:14 GMT, US West Texas Intermediate fell to $58.85 a barrel from the opening of $59.35, with an intraday high at $59.72, and a low at $58.82. 

Brent slipped to $62.35 a barrel from the opening of $62.78, after marking a 0.2% profit yesterday, and a December 7 low on Friday at $61.75. 

OPEC said in its latest monthly report that the oil market won't be balanced again before the end of the year due to increased output from the US and other producers, expecting global supplies to increase 1.4 million bpd this year, up from 870 thousand bpd in November forecasts. 

The IEA said on Tuesday that OPEC managed to achieve their targets in erasing global oversupply, however their efforts could be subverted due to increased supplies from the US and other producers. 

Oil prices lost 9.5% last week, the largest weekly decline since December 2014 on US output concerns. 

US production surged to 10.25 million bpd in the week ending February 2, a record high, passing Saudi Arabia to make the US the world's second largest crude producer. 

US Energy Information Administration raised output projections for 2018 to 10.59 million bpd, up 320 thousand bpd from last week's forecasts. 

Baker Hughes reported a rise of 26 rigs in the US oil rig count last Friday, the third weekly increase in a row and the largest since January 2017. 

Total US rigs have now risen to 791 rigs, the highest since April 2015. 

Ethereum lost 3% on Tuesday as most cryptocurrencies dip due to lower European demand after EU warnings, while Thailand outright banned cryptocurrency trading. 

At Bitstamp, ethereum fell $31, or 3.5% to $835 from the opening of $866, with an intraday high at $869, and a low at $819. 

Ethereum rose 7% on Monday, the first profit in three days, with while the market value of cryptocurrencies rose earlier this week to $458 billion, the highest since February 2, before sliding back to $422 on Tuesday, down $13. 

As cryptocurrencies recovered en masse since last week, their market value hovered around $400, still half their record high of $830 hit last January. 

Ethereum's network is adding two new standards to identify users, in a new development in the Blockchain technology to provide sharply increased security and stamp out money laundering operations. 

News report indicated that Beijing authorities are readying for a new bout of tightening regulations on cryptocurrency trading. 

Otherwise, European Union regulations warned that cryptocurrencies are unsuitable investments, describing them as extremely risky and volatile. 

Earlier this week, Thailand's central bank banned banks and financial institutions from trading or investing into cryptocurrencies, dealing a medium-size blow to cryptocurrencies' trading volumes.   

Bitcoin slid 5% on Tuesday after the $9000 resistance held its ground, while traders remain quite cautious as they monitor the developments in the cryptocurrency market, especially after a recent EU warning of investing into cryptocurrencies. 

At Bitstamp, bitcoin fell $441, or 4.9% to $8450 from the opening of $8891, with an intraday high at $8952, and a low at $8409. 

Bitcoin jumped 10% on Monday, the first profit in three days, after marking a two-week high at $8900.

The market value of cryptocurrencies rose earlier this week to $458 billion, the highest since February 2, before sliding back to $422 on Tuesday, down $13. 

As cryptocurrencies recover en masse since last week, their market value hovered around $400, still half their record high of $830 hit last January. 

News report indicated that Beijing authorities are readying for a new bout of tightening regulations on cryptocurrency trading. 

Otherwise, European Union regulations warned that cryptocurrencies are unsuitable investments, describing them as extremely risky and volatile. 

Yen traded near Monday highs against the dollar, while still dithering after Japanese stocks rebounded today from multiple lows. 

USD/JPY last traded at 108.69, near the opening of 108.77, with an intraday low at 108.60, and a high at 108.77. 

Japanese and Asian stocks rebounded from two-month lows today after Wall Street's strong recovery on Monday. 

The recovery in stocks would slash demand on yen as a safe haven, in turn blunting the Japanese currency's momentum after climbing on the dollar yesterday. 

Dollar continues its sideways trading for the second session ahead of crucial US inflation data to have clues on the future of consumer prices and Fed interest rates.