Crude-oil futures fell Tuesday on expectations that the Organization of Petroleum Exporting Countries will not cut production quotas at a Thursday meeting.
Losses in oil, however, were limited by data that showed a jump in U.S. consumer confidence.
Crude for July delivery fell 24 cents, or 0.4%, to $61.43 a barrel on the New York Mercantile Exchange. It fell to $59.53 earlier, moving below $60 for the first time since May 20. The loss came after it rallied more than 8% last week, mainly boosted by a weaker dollar.
“Further comments that there will not be a production cut at this week’s OPEC meeting may be weighing on oil prices,” said Brenda Sullivan, an analyst at Sucden Financial Research.
Saudi Arabia’s Oil Minister Ali Naimi Tuesday reiterated his desire for OPEC to “stay the course” with its production and called for better compliance with past output reductions, according to Dow Jones Newswires.
OPEC in April raised its oil production for the first month since September, as some member countries took advantage of a recent rally in oil prices, data from the International Energy Agency showed.
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