REUTERS
Oil futures fell more than half a dollar on Tuesday given worries rising Iranian output would deepen a global oversupply, offsetting expectations of a drop in U.S. production that had spurred sharp price gains in the previous session, according to Reuters.
U.S. front-month West Texas Intermediate (WTI) crude futures CLc1 were trading at $32.72 per barrel at 07:53 GMT, down 67 cents from Monday's settlement. International benchmark Brent LCOc1 was down 61 cents at $34.08 a barrel, Reuters wrote.
Key oil exporters Saudi Arabia and Russia have proposed to freeze output at January levels, which were near record highs, only if other producers also do the same. But Iran, now free of western sanctions that hurt its crude trade, is seen as unlikely to join, casting doubts over whether the freeze will happen.