Oil slumps on oversupply fears, trade talk concerns - Reuters

Oil slumps on oversupply fears, trade talk concerns - Reuters:

Oil fell more than $1 a barrel on Tuesday on concerns about excess global crude supply and limited progress toward resolving the U.S.-China trade dispute that has clouded the outlook for oil demand. 

Brent crude LCOc1 futures fell $1.53, or 2.5%, to settle at $60.91 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures lost $1.84, or 3.2%, to settle at $55.21 a barrel.

Brent has rallied about 15% this year, supported by a pact by the Organization of the Petroleum Exporting Countries and its allies, including Russia - a group known as OPEC+ - to cut combined oil output by 1.2 million barrels per day from Jan. 1.

Russia is unlikely to agree to deepen cuts in oil output at a meeting with fellow exporters next month, but could commit to extend existing curbs to support Saudi Arabia, three sources said.