2018.11.2005:29:00UTC+00Oil Prices Down Over 1 Percent On Growth Worries

Oil gave back earlier gains to drift lower on Tuesday as a deteriorating economic outlook and evidence of surging U.S. production outweighed investor optimism over possible OPEC production cuts.

Global benchmark Brent crude fell 81 cents or 1.21 percent to $65.98 a barrel while U.S. West Texas Intermediate (WTI) crude futures were down 58 cents or 1.01 percent at $56.63 a barrel.

With U.S production at a record, oil prices are down around 25 percent from their recent peaks in early October.

The U.S. is producing a record 11 million barrels per day (MMbpd) of crude, up 18 percent since the start of this year.

The global economy is facing several headwinds in the form of slowing global demand, Brexit uncertainty and Italy's debt problems.

There is no end to the U.S.-China trade dispute, which is weighing on the outlook for oil demand.

The commodity is also reacting to remarks by Russian Energy Minister Alexander Novak that the oil market alliance will monitor supply and demand in the coming weeks before making a decision on production levels.