IEA's Birol: Oil market could tighten towards second half of 2018

The global oil market is expected to tighten towards the second half of 2018, says International Energy Agency (IEA) chief Fatih on Tuesday.

Key quotes:

   •  Provided demand remains robust and key producers continue their existing policies
   •  Market is already on its way towards rebalancing
   •  Up to OPEC to decide what they are going to do
   •  Prices above $60 is a good number for most oil investments to be profitable

Meanwhile, WTI crude oil prices held on to its daily losses and is currently placed near mid-$57.00s, down around 0.90% for the day.