Oil futures settled lower on Tuesday for a third straight session, giving up earlier gains to remain stuck at levels not seen in nearly seven years.

January West Texas Intermediate crude settled at $37.51 a barrel, down 14 cents, or 0.4%, after trading as high as $38.58 and low as $36.64. January Brent crude lost 47 cents, or 1.2%, to $40.26 a barrel.

Both grades logged their lowest settlement prices since February 2009.

Oil prices have fallen sharply since Friday, when the Organization of the Petroleum Exporting Countries decided to keep output high, despite a drop of roughly 60% for both WTI and Brent crudes since the summer of 2014.

Providing some support for dollar-based oil prices was a weaker dollar. In addition, U.S. monthly government data released Monday showed expectations for a decline in total January domestic shale-oil production.

The Energy Information Administration on Tuesday lifted its 2015 crude production estimate to 9.33 million barrels a day from a prior estimate of 9.29 million. It also cut its WTI price forecasts for this year and next.

Weekly petroleum supply data from the EIA will be released on Wednesday and offer an update on total domestic oil production. The American Petroleum Institute will issue its weekly oil-inventory update late Tuesday.

Analysts polled by Platts forecast a weekly decline of 1.2 million barrels in crude inventories. But they also expect increases of 3.2 million barrels for gasoline stockpiles and a rise of 2.5 million barrels for distillate supplies, with refinery utilization seen topping 95% of capacity.

Source: MarketWatch