Brent falls $1.29 per barrel in Tuesday trade

Crude oil prices were on the decline again on Tuesday despite the fact that the Organization of Petroleum Exporting Countries are rumored to be planning on another production cut in an attempt to push prices higher. Some analysts warned, however, that OPEC should make sure that its current cuts are being enforced before trying to implement further reductions. Not even the current dispute between Russia and Belarus, which is threatening supply disruptions in parts of Europe, has affected the drop in prices.

February contracts for Brent crude dropped $1.29 to $54.31 per barrel after falling to $53.64 per barrel in earlier trade. West Texas Intermediate crude deliveries for February were at $54.81 per barrel on the New York Mercantile Exchange, down $1.30, after dropping as low as $53.88 per barrel earlier in the session. Prices are down more than 10 percent since the beginning of the year. Nymex gasoline fell, but less than 1 cent, to $1.4600 per gallon, while Nymex heating oil was 1.56 cents lower to $1.5415 per gallon.