Oil prices dipped on Tuesday as speculators took profits for a second day after big third-quarter gains, but prospects for reducing the global crude glut lent support.
U.S. crude futures ended Tuesday's session down 16 cents at $50.42. The contract sank more than 2 percent in the previous session.
December Brent crude futures were down 24 cents at $55.88 a barrel at 2:26 p.m. ET (1826 GMT), having lost almost 2.5 percent on Monday.
Brent notched up a third-quarter gain of about 20 percent, the biggest increase for that quarter since 2004, and traded as high as $59.49 last week, but has since fallen about 6 percent.
Money managers have pushed their bullish bets on the Brent crude market to a record high in the last week, encouraged by signs of rebalancing between supply and demand.