Crude oil futures fell Tuesday, unable to hold the $50 a barrel mark after a report said OPEC produce rose in June despite the cartel's supply quota plan.
Nymex Sept. oil futures ended lower by $1, or 2%, at $49.16 a barrel, slipping from an 8-week high, even as the dollar continued to weaken.
OPEC oil output jumped by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found.
Much of the incrase was due to surging output from Libya. Supplies from Iraq also rose, helping to offset Saudi cuts.
U.S. oil inventories data is due out over the next two days.
In economic news, U.S. core PCE price index increased 1.5 percent after advancing by the same margin in May. This is short of the Federal Reserve's 2 percent target for annual core inflation.
The Commerce Department said consumer spending edged up only 0.1 percent in June after an upwardly revised 0.2 percent gain in May, in line with analyst estimates.
Personal income was flat, well shy of estimates for 0.3 percent growth.
Savings slipped to $546.4 billion in June from $564.7 billion in May.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.