Weaker oil, Hit by Profit Taking Action After Yesterday Up 8%

Oil prices fell more than 2% in Asian trading hours on Tuesday, with investors taking profits after Brent and WTI oil jumped more than 8% in the previous session.

The surge in oil triggered by comments from OPEC that the organization is willing to discuss with other manufacturers to achieve rational oil prices and the downward revision of US output data by the US Energy Information Administration.

ANZ analysts said in a report on Tuesday that OPEC's comments a little about politics in view of the strategy to date look the same, namely to gain market share. But it also showed that many producers the possibility of injured at current price levels.

EIA revise the data released on Monday that showed US oil production reached a peak of about 9.6 million barrels per day in April before declining more than 300,000 barrels per day over the next two months.

Brent oil for October contract fell by $ 1.45, or 2:59% to $ 52.70 at 09:55 GMT after rising $ 4.10, or 8.2% in the previous session.

Meanwhile oil WTI for October fell $ 1.47, or 2.99%, to $ 47.73, after yesterday ended up $ 3.95, or 8.8%.

WTI oil has increased by about 27.5% in a period of three days, this was the largest price increase during the three days since February 2011 and the largest percentage since August 1990.