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Oil prices on Tuesday ended lower for the first time since Opec agreed on 30 November to cut output, as data showing record high production in the producer group fed scepticism that it would be able to reduce supplies. Brent futures slid $1.01 to settle at $53.93 a barrel, while US West Texas Intermediate (WTI) crude futures fell 86 cents to $50.93 per barrel. Crude had surged more than 15% in the four sessions since the 30 November Opec meeting. "Prices fell for the first day in five in reaction to news that Opec's output hit a record high last month," said James Williams, president of energy consultant WTRG Economics in Arkansas.
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Oil prices on Tuesday ended lower for the first time since Opec agreed on 30 November to cut output, as data showing record high production in the producer group fed scepticism that it would be able to reduce supplies. Brent futures slid $1.01 to settle at $53.93 a barrel, while US West Texas Intermediate (WTI) crude futures fell 86 cents to $50.93 per barrel. Crude had surged more than 15% in the four sessions since the 30 November Opec meeting. "Prices fell for the first day in five in reaction to news that Opec's output hit a record high last month," said James Williams, president of energy consultant WTRG Economics in Arkansas.
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