Futures Movers: Oil attempts to hold ground on hopes for production cut

Oil futures were flat to slightly lower Tuesday, a day after they bounced sharply on hopes Saudi Arabia and other major producers will move to cut output when they meet next month.

West Texas Intermediate crude for January delivery CLF9, -0.15% were off 15 cents, or 0.3%, to $51.48 a barrel on the New York Mercantile Exchange, while January Brent crude LCOF9, +0.07% the global benchmark, was off 3 cents, or 0.1%, to $60.45 a barrel. Oil has tumbled sharply from nearly four-year highs seen in early October on fears of a global glut and concerns about world economic growth, leaving both grades off more than 30% from their peaks.

>>> Original Source <<<