Oil Settles Lower With OPEC Not Expected To Reach An Output Deal In Algeria

Oil futures settled with a loss on Tuesday, with oil producers not expected to reach an official agreement on output in Algeria. Saudi Arabia and Iran said that a meeting of the Organization of the Petroleum Exporting Countries and other big oil producers Wednesday will merely be "consultative." November West Texas Intermediate crude lost $1.26, or 2.7%, to settle at $44.67 a barrel on the New York Mercantile Exchange. It gained 3.3% on Monday.