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Crude oil futures started off on a firm note on Tuesday, but turned south and ended sharply lower after the Energy Information Administration (EIA) lowered its forecast for crude oil prices for the year.
West Texas Intermediate Crude oil futures for May ended down $2.45, or about 9.4%, at $23.63 a barrel, after surging to a high of $27.24 earlier in the day.
On Monday, WTI Crude oil futures for May ended down $2.26, or 8%, at $26.08 a barrel.
Traders also weighed the prospects of a production deal between the Organization of the Petroleum Exporting Countries (OPEC) and the group's allies, including Russia. A meeting of OPEC and its allies, originally scheduled to take place on Monday, was postponed to Thursday.
Reports indicate Saudi Arabia and Russia are likely to agree for a production cut and end a price war.
The American Petroleum Institute's weekly oil report is due later in the day. The EIA's data on U.S. crude inventories will be out Wednesday morning.
The EIA cut its crude production forecast as well, saying it now expects U.S. crude oil production to drop by about 9.5% to 11.76 million barrels a day.
