2017.03.2114:40:00UTC+00Crude Oil Resumes Collapse As U.S. Inventories Loom

Crude oil futures continued to fall Tuesday, reversing early gains amid expectations U.S. oil stockpiles are brimming. Prices tumbled to their lowest level since November.

The American Petroleum Institute (API) report is due this afternoon at 4:30 pm ET, followed by the Energy Information Administration figures tomorrow morning.

Data revealed a surprise drop in stockpiles last week, a small decrease after record highs the week before.

A drop in production from Saudi Arabia failed to sustain oil prices.

Saudi Arabia's crude oil exports fell to 7.713 million barrels a day in January, while crude oil production dropped by 717,000 barrels a day to 9.748 million barrels a day, official data showed on Monday.

May WTI oil settled at $48.24/bbl, down 67 cents, or 1.4%.

April WTI oil was down 88 cents, or 1.8%, to end at $47.34/bbl, on the final day of the contract.