Oil prices fell in volatile trade on Tuesday, as a surge in U.S. shale oil output and deteriorating equity markets weighed on futures.
U.S. West Texas Intermediate (WTI) crude futures ended Tuesday's session down 65 cents, or 1.1 percent, to $60.71 a barrel. Brent crude futures were down 39 cents at $64.56 per barrel by 2:26 p.m. ET.
Both crude benchmarks dropped earlier on Monday after the U.S. Energy Information Administration said output from shale basins would hit a new record high in April.
U.S. crude production from major shale formations is expected to rise by 131,000 bpd in April from the previous month to an all-time high 6.95 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly report on Monday.
American oil production has soared past 10 million barrels per day (bpd) in late 2017, overtaking output by top exporter Saudi Arabia. U.S. output is expected to rise above 11 million bpd by late 2018, taking the top spot from Russia, according to the International Energy Agency.
Oil prices briefly turned higher after U.S. equity markets rose at the start of trading on Tuesday, but crude futures turned lower as stocks gave up their gains.
"We've been following the S&P 500 around a lot lately," said John Kilduff, founding partner at energy hedge fund Again Capital.