Crude oil prices hit 14-month low amid supply and growth concerns

Oil prices fell more than $1 on Tuesday, dropping for a third session as reports of growing inventory and forecasts of record shale output in the United States stoked worries about oversupply. Concerns over future oil demand amid weakening global economic growth and doubts over the effectiveness of planned production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) also pressured prices, traders said. International benchmark Brent crude oil futures were at $58.78 per barrel at 0722 GMT, down 83 cents, or 1.39 percent, from their last close.