Oil futures moved lower Tuesday as a report of record-high production from OPEC in September fed a pullback in prices following a rally a day earlier.
Prices found support Monday on news that Russia planned to back a proposal from the Organization of the Petroleum Exporting Countries to reduce crude output.
November West Texas Intermediate crude fell 17 cents, or 0.3%, to $51.18 a barrel on the New York Mercantile Exchange. The December contract for global crude benchmark Brent was down 22 cents, or 0.4%, at $52.92 a barrel on the ICE Futures exchange in London.
On Tuesday, the Paris-based International Energy Agency said OPEC boosted its output by 160,000 barrels a day to a record 33.64 million barrels a day in September. At a meeting in Algiers last month, OPEC agreed to bring its output down to a maximum of 33 million barrels a day but also said it would work out details of the tentative proposal at the next OPEC group meeting Nov. 30.
via MarketWatch
