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il falls in Saudi production and the market awaits the 20 and OPEC
Oil prices fell on Tuesday under pressure from Saudi Arabia's record output despite OPEC's biggest bid to cut supplies ahead of a meeting in Austria next week.
Brent crude for short-term futures fell below $ 60 a barrel and then rebounded to $ 60.16 at 0814 GMT, down 32 cents, or 0.5 percent, from the previous close.
US WTI crude futures fell 45 cents, or 0.9 percent, to $ 51.18 a barrel.
Saudi Arabia has increased its oil production to its highest level ever in November, pumping between 11.1 million and 11.3 million bpd since the start of the month, an oil exporter said on Monday.
Oil prices have lost about a third of their value since early October, affected by oversupply that began to appear in supply and weak financial markets in general.
Traders are eyeing the outcome of the G20 meeting in Buenos Aires and the outcome of the meeting of the Organization of the Petroleum Exporting Countries (OPEC).
"It will be difficult to know where prices will move in the next phase until we know the outcome of the G20 and the OPEC annual meeting on Dec. 6," said Hussein Sayed, chief strategist at FXM Futures Brokerage.
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