Investing.com - Oil slumped Tuesday as Saudi Arabia told OPEC it raised output in February.
U.S. crude was off 96 cents, or 1.98%, at $47.44 at 10:15 ET. Brent crude shed 84 cents, or 1.64%, to $50.51.
Saudi Arabia told OPEC it increased output in February from January by 263,300 barrel a day to 10.011 million.
OPEC and non-OPEC producers have agreed output cuts of 1.8 million barrels in the first half.
In its monthly report released Tuesday, OPEC raised its 2017 growth estimate for non-OPEC output.
Concerns that higher U.S. output could cancel out the impact of cuts by major producers continue to weigh on the market.
American Petroleum Institute U.S. inventories are on tap.
These will be followed Wednesday by official Energy Information Administration data.
The International Energy Agency is scheduled to release its monthly report on Wednesday.