Crude prices began lower Tuesday after oversupply concerns in the global oil market intensified with Saudi oil production reaching an all-time high.
Global benchmark Brent crude was trading at $60.23 per barrel at 0625 GMT with a 0.5 percent decline, after it closed Monday at $60.56 a barrel.
American benchmark West Texas Intermediate saw prices of $51.27 a barrel at the same time, realizing a 0.6 percent loss, from the close of the previous day at $51.59 per barrel.
The kingdom's crude production reached a record high level of 11.2 million barrels a day (mbpd), from around 10.85 mbpd earlier this month, according to oil output reports.
As the Dec. 6 OPEC meeting looms, investors are expecting the cartel and other significant oil producing nations, such as Russia, Kazakhstan and Mexico, to trim their supply levels in order to rebalance the market.
OPEC has also been under pressure by U.S. President Donald Trump, who thanked Saudi Arabia last week for keeping prices low and wrote on Twitter: 'let’s go lower!'
Trump, the week before, wrote on social media: 'Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!'
In order to dodge a backlash from Trump, the organization could extend its 2016 decision of cutting 1.2 mbpd of production into 2019, and then over-comply by cutting more output each month next year to move prices steadily higher.
Saudi Arabia could also agree to cut its own production alone by 1 mbpd, according to some reports, to avoid facing criticism from Trump who reaffirmed support last week for the kingdom despite the killing of journalist Jamal Khashoggi.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr