Oil pulls back after IEA reports higher OPEC output

Oil prices pulled back from near $52 a barrel on Tuesday after International Energy Agency (IEA) said OPEC boosted its output by 160,000 barrels a day to a record 33.64 million barrels per day in September.

At a meeting in Algeria last month, OPEC agreed to limit output to a maximum of 33 million barrels per day. However, OPEC members still have to meet on November 30 in Vienna to discuss the details of the agreement.

Oil retreated from a 2-month peak of $51.98 a barrel scored on Monday and briefly fell below $51/bbl to a low of $50.74 a barrel. It was last trading at $51.05, down 0.87% on the day.

Ahead in the week, the API’s weekly report is due on Wednesay, followed by the weekly EIA’s report on crude inventories on Thursday and the US drilling count gauged by Baker Hughes on Friday.