Oil futures declined on Tuesday for a second consecutive session, marking the lowest settlement so far this month and sending U.S. prices below their 50-day moving average.

Expectations for a fourth consecutive weekly rise in U.S. crude supplies and a report from Reuters that said major oil exporter Russia wasn't likely to advocate for deeper cuts during a key meeting of major oil producers in December pressured prices for oil.

West Texas Intermediate crude for December delivery lost $1.84, or 3.2%, to settle at $55.21 a barrel on the New York Mercantile Exchange. The contract, which expires at Wednesday’s settlement, ended Tuesday below its 50-day moving average of $55.59, according to FactSet data.

January Brent crude lost $1.53, or 2.5%, to $60.91 a barrel on ICE Futures Europe, following its 1.4% skid, a day ago. Both crude benchmark marked the lowest front-month contract settlements since Oct. 31, according to Dow Jones Market Data.

Source : Marketwatch