Mubasher: Oil prices varied during Tuesday’s trades on the back of a jittery economy outlook and higher US output, which offset possible production cuts by the Organization of the Petroleum Exporting Countries (OPEC).

By 7:54 am GMT, Brent crude fell 0.63% to $66.37 per barrel (pb), while US Nymex increased 0.53% to $56.76 pb.

“Upside potential has shown to be shaky as bullish movements lose steam,” Benjamin Lu of Singapore-based brokerage Phillip Futures told Reuters on Tuesday.

The US recently reported a 25% surge in crude output, so far this year, to 11.7 million barrels per day (bpd).