Crude oil prices reversed earlier gains on Tuesday, as gloomy Chinese data dragged on sentiment in a market already weighed down by persistently high production levels. Oil futures initially rose, tracking Asian stocks, but were later pulled down as data showed China’s national rail freight volumes logging their biggest ever annual decline in 2015, raising questions about how sharply the world’s No.2 economy was slowing and what this meant for oil demand. By 0832 GMT (3.32 a.m. ET), Brent was at $37.09 a barrel, down 13 cents from its previous close, while U.S. West Texas Intermediate (WTI) crude CLc1 was down 9 cents at $36.67 per barrel. The supply side continues to be dominated by producers’ unwillingness to cut output and that has led to a surplus of hundreds of thousands of […]