Oil futures fell toward the session’s lows on Tuesday after Reuters reported that the Organization of the Petroleum Exporting Countries will debate a plan to cut member-output, excluding Libya and Nigeria, by 4% to 4.5% at its meeting on Nov. 30. The news report, citing OPEC sources, also said the representatives of Iran, Iraq and Indonesia expressed reservations over their level of participation in the group’s deal. January West Texas Intermediate crude fell 80 cents, or 1.7%, to $47.44 a barrel on the New York Mercantile Exchange.
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