The price of Brent crude dipped below $58 a barrel following the International Energy Agency’s (IEA) announcement that oil prices may fall with continuous increase of stocks in 2015.

Reuters reported that Brent crude dropped 44 cents to $57.90 and US crude futures fell 84 cents to $52.02.

IEA said oil stocks held by countries in the Organisation for Economic Cooperation and Development may come close to 2.83 billion barrels in mid-2015.

"Despite expectations of tightening balances by end-2015, downward market pressures may not have run their course just yet."

In a monthly report, the agency said: "Despite expectations of tightening balances by end-2015, downward market pressures may not have run their course just yet."

The consumer inflation reached a five-year low for January in China, increasing concerns on oil demand in the country.

Oil prices secured a support on Monday as a monthly report by the Organization of the Petroleum Exporting Countries (OPEC) increased the forecast for 2015 demand for its oil to 29.2 million barrels per day (bpd).

The IEA’s medium-term report released on Tuesday expects demand for OPEC oil to stand at 29.4 million bpd this year.

The Hariga port in Libya has been reopened as guards ended a strike on salary payments. A facility spokesman said the terminal will begin loading tankers once better weather allows.