Crude oil prices fell for a second consecutive session on Tuesday, pressured by weaker refined product prices as traders awaited key data releases to gauge the extent of the supply surplus.

WTI crude declined 1.1% to settle near $58 per barrel, dragged down by significant drops in diesel, gasoline and other refined products. The gasoline crack spread—the price difference between U.S. gasoline and crude—weakened to its lowest level since February, while similar diesel indicators also retreated.

Refined products had been one of the few factors supporting crude prices this year. However, recent demand weakness has amplified bearish sentiment amid widespread expectations of substantial supply overhang.

Data from Bridgeton Research Group indicates some trend-following commodity trading advisors are liquidating refined product positions.

Market participants are awaiting reports from the IEA and OPEC this week, along with the Federal Reserve's Wednesday policy decision. The U.S. Energy Information Administration's Short-Term Energy Outlook, released Tuesday, projects record U.S. crude output of 13.61 million barrels per day this year—further stoking near-term oversupply concerns.

January WTI crude fell 1.1% to settle at $58.25 per barrel, while February Brent declined 0.9% to $61.94.