Oil prices tumbled on Tuesday on the prospect of continued US output growth, which is undermining OPEC-led production cuts to reduce market supply.
At 0747 GMT, Brent crude futures were $ 62.85 a barrel, down 31 cents, or 0.5 percent, from the previous close. US crude <CLc1> was down 21 cents, or 0.4 percent, at $ 56.55 a barrel.
The declines came after both benchmark crude prices hit their highest level since 2015, but traders say the market has lost some momentum since then.
Traders said they were wary of betting on further price hikes.
"Prices have started to need to stop or appear to be down," said Greg McKenna, chief market analyst at AxiTrader Futures Brokerage.
Partly because of the rise in US oil production, which has increased more than 14 percent since mid-2016 to a record 9.62 million bpd.
The US government said on Monday that the production of shale oil for December will increase for the twelfth month in a row by 80 thousand barrels per day.
SOURCE
At 0747 GMT, Brent crude futures were $ 62.85 a barrel, down 31 cents, or 0.5 percent, from the previous close. US crude <CLc1> was down 21 cents, or 0.4 percent, at $ 56.55 a barrel.
The declines came after both benchmark crude prices hit their highest level since 2015, but traders say the market has lost some momentum since then.
Traders said they were wary of betting on further price hikes.
"Prices have started to need to stop or appear to be down," said Greg McKenna, chief market analyst at AxiTrader Futures Brokerage.
Partly because of the rise in US oil production, which has increased more than 14 percent since mid-2016 to a record 9.62 million bpd.
The US government said on Monday that the production of shale oil for December will increase for the twelfth month in a row by 80 thousand barrels per day.
SOURCE