Oil Adds To Losses Ofter Report On OPEC Output Surge

MarketWatch Pulse

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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