MW: Oil prices tumble after OPEC report shows Saudi production rising
Crude futures reversed direction and turned lower on Tuesday, after a monthly report from the Organization of the Petroleum Exporting Countries showed production out of Saudi Arabia cresting back above 10 million barrels of oil per day.
Light, sweet crude for April delivery CLJ7, -1.30% tumbled 77 cents, or 1.6%, to $47.64 a barrel on the New York Mercantile Exchange. Brent LCOK7, -1.01% , the global benchmark, dipped 70 cents, or 1.4%, to $50.64 a barrel.
OPECâ€™s latest monthly report revealed that crude oil out of Saudi Arabia came in at 10.011 million barrels a day in February, in figures submitted by the country. However, OPECâ€™s own calculations showed production fell further to 9.797 million barrels a day.