Oil fell for a 12th consecutive session on Tuesday in its longest losing streak on record after U.S. President Donald Trump tweeted against production cuts.
"Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply," Trump tweeted after Saudi Energy Minister Khalid Al-Falih said producers need to cut about 1 million barrels a day from October production levels.
Global benchmark Brent crude for January delivery slumped 2.54 percent to $68.34 a barrel after falling by 6 cents to end at $70.12 on Monday, the lowest level since April 9.
West Texas Intermediate futures for December delivery were down 2.47 percent at $58.45 a barrel after falling by 26 cents to end at $59.93 on Monday, the lowest close since Feb. 13.
A sharp sell-off on Wall Street overnight and a rising dollar on expectations of another rate rise this year also weighed on the commodity, which slid into a bear market last week.
On the positive side, trade tensions eased somewhat after the U.S. and China resumed talks.
U.S. Treasury Secretary Steven Mnuchin has resumed discussions with his Chinese counterpart, Vice Premier Liu He, signaling a willingness on both sides to reach an accommodation, the Wall Street Journal reported.
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