Oil futures eased on Tuesday, reversing the previous day’s rally, as concerns over weaker demand amid a slowing global economy outweighed the prospect of deepening supply cuts by OPEC and its allies such as Russia.
Brent crude futures fell 19 cents, or 0.2%, to $82.13 a barrel by 0013 GMT while U.S. West Texas Intermediate crude was at $77.68 a barrel, down 15 cents, or 0.2%.
Both contracts climbed about 2% on Monday after three OPEC+ sources told Reuters that the producer group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is set to consider whether to make additional oil supply cuts when it meets on Nov. 26.
