Mubasher: Oil prices fell on Tuesday amid the anticipation of the US crude inventories data and concerns over boosting output in the US.

By 7:26 am GMT, Brent Crude (ICE) futures dipped 0.5% to $62.42 per barrel (pb).

Meanwhile, WTI Crude Oil (Nymex) futures inched up 0.03% to $57.49 pb.

The American Petroleum Institute is set to release the US crude inventories’ last week initial data on Tuesday.

OPEC’s output dropped to lowest level since May by 300,000 barrel per day in November, according to a survey done by Reuters.

Last week, OPEC decided to extend output curbs until the end of 2018.

Moreover, drillers in the US added two oil rigs in the week ended 1 December, totalling 749 rigs, according to date by Baker Hughes.