Global oil supply is rebounding faster than expected, easing crude shortage fears.
Brent crude has tumbled from $126 to $73 as Gulf producers ramp up output.
Wall Street is cutting oil price forecasts as supply recovers and demand softens.
The oil market has gone from fearing a supply shock to worrying about too much crude.
International Brent crude oil futures were trading around $73 a barrel early on Tuesday. That is roughly back to prewar levels after topping $126 in April as the Iran conflict stoked fears of a major disruption to global oil flows.