Crude oil futures declined further on Tuesday ahead of U.S. inventories data and amid ongoing investor uncertainty concerning the outcome of the OPEC meeting this week with reports suggesting Russia is reluctant to join in extending output curbs beyond March. Traders remain uncertain about whether OPEC will announce a meaningful extension of its supply quota plan with Russia. Earlier a joint OPEC and non-OPEC Committee reportedly recommended extending output cuts through the end of 2018.
Benchmark crude oil futures for January delivery ended lower by $0.12 or 0.2 percent at $57.99 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by $ 0.13 to $63.25 a barrel on the ICE.
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