Investing.com - Oil slumped Tuesday as Saudi Arabia reportedly raised its oil output in February.
WTI was off 1.76% at $47.55 at 09:15 ET.
Saudi Arabia reportedly raised output by 236,000 b/d to over 10 mn b/d in February from January.
In its monthly report, OPEC said the cartel's output as a whole fell by 139,500 b/d in February to 31.96 mn b/d.
OPEC has agreed output cuts of 1.2 mn b/d in the first half.
Non-OPEC producers led by Russia have also agreed to cut output by 558,000 b/d.
Increased U.S. shale output could undermine the impact of the planned cuts.
OPEC revised upward its 2017 non-OPEC output estimate mainly as a result of increased North American activity.
Non-OPEC output is seen growing 40,000 b/d, an upward revision of 16,000 b/d, to average 57.7 mn b/d this year.