Oil prices slid to three-month lows on Tuesday after OPEC reported a rise in global crude stocks and a surprise jump in self-reported production from its biggest member, Saudi Arabia, that came despite output curbs by the group.
Even though OPEC made an upward revision to its global demand outlook, signs of even modestly higher Saudi output flustered investors. The selloff sent prices to their lowest levels since Nov. 30 when the kingdom, the world's biggest oil exporter, led the Organization of the Petroleum Exporting Countries (OPEC) to cut supplies.
Brent futures, which fell below their 200-day moving average for the first time since late November, were down 45 cents, or 0.9 percent, at $50.90 a barrel by 2:34 p.m. EDT (1834 GMT).
U.S. crude ended Tuesday's session down 68 cents, or 1.4 percent, to $47.72 a barrel, marking its seventh straight daily decline, its longest such streak since January 2016.