On Tuesday, crude prices drifted weaker, as market participants booked revenues on recent profits led by plans for OPEC as well as non-OPEC producers to trim output by almost 1.8 million barrels a day and cast an eye on American shale producers.
In New York, February delivery crude futures went down 0.17%, trading at $52.97 a barrel. Brent crude futures dived 0.27%, trading at $54.88 a barrel in London.
Overnight, crude prices dropped as American crude output is poised to surge as American energy companies the previous week kept adding crude rigs, thus extending a seven-month drilling comeback enough to replace planned production cuts by Russia, OPEC as well as other producers early next year.
February delivery Brent crude futures headed south 0.4%, being worth $54.97 a barrel before noon. Additionally, January delivery American West Texas Intermediate crude futures leapt 0.1%, trading at $51.96 per barrel.
