Oil prices pared losses after falling to their lowest levels in three months on Monday, as the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output.
Donald Trump's surprise victory in last week's U.S. presidential election has boosted stocks and the dollar, but undermined much of the commodities complex, including oil, which has sagged as expectations that the world's largest exporters will agree to reduce output this month have waned.
Brent crude futures were down 27 cents at $44.48 a barrel by 2:40 p.m. ET. The contract dipped to a session low of $43.57, marking its first drop below $44 since Aug. 11.
NYMEX U.S. crude futures settled down 9 cents at $43.32 a barrel, after earlier falling to $42.20, the lowest level since Aug. 11.