Crude crude prices fell by about 7% on Tuesday, while the US barrel fell to its lowest level in more than a year, affected by Wall Street's extensive liquidation and growing fears of slowing global expansion.
(Read: Oil production rose by 1.7% in October)
WTI futures fell $ 3.77 or 6.59% to $ 53.43 a barrel. The contract lost 7.7% to the session, to $ 52.77, a minimum since October 2017.
On the other hand, crude Brent contracts fell $ 4.26 or 6.38% to $ 62.53 a barrel. The reference point for Colombia fell by 7.6% to $ 61.71, the lowest level since December 2017.
The fall on Tuesday prolonged the sharp decline since early October. WTI prices dropped more than 30 percent from the four-year highs in early October, which are pushed by the increase in global asset supply and liquidation. Brent has lost about 28% over the same period.
Crude oil production in the United States has risen by nearly 25 percent this year to a record of 11.7 million barrels a day (bpd). OPEC assesses the implementation of a cutback of between 1 and 1.4 million bpd, given the fear of creating a surplus similar to the one that led to the collapse in 2014 prices.
The expectation is that the cartel will cut production at a meeting on December 6, according to BNP Paribas.. The bank said it expects Brent to recover $ 80 a barrel by the end of the year, and in 2019 an average of $ 76 a barrel and WTI an average of $ 69 a barrel.