Oil Adds To Losses Ofter Report On OPEC Output Surge

SAN FRANCISCO – Oil futures extended losses Tuesday after news that output from the Organization of the Petroleum Exporting Countries rose to the highest in nearly two years, according to a Reuters survey. Oil for November delivery lost $3.21, or 3.4%, to trade at $91.36 a barrel on the New York Mercantile Exchange. Futures were about 1% lower around the time the stock market opened. OPEC supplies averaged 30.96 million barrels a day in September, up from 30.15 million in August, Reuters said, citing shipping data and industry sources, with more supplies from Libya and Saudi Arabia and other Gulf producers.

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