Crude oil prices fell in Asia on Tuesday with U.S. industry inventory estimates ahead expected to set the tone.
The American Petroleum Institute will release its estimates of crude oil and refined product stocks last week later on Tuesday. On Wednesday, more closely-watched official figures from the U.S. Department of Energy are due.
U.S. crude for January delivery dropped 0.98% to $51.28 a barrel on the New York Mercantile Exchange (NYMEX).
Overnight, oil prices reached a new, one-year high by mid-day on Monday, as last week’s rally from the Organization of Petroleum Exporting Countries (OPEC) agreement to cut production continued.
Brent crude, the global oil price benchmark traded on London's Intercontinental Exhcange, was last quoted at $54.22 a barrel.
However, investors are cautious that all 14 members of OPEC will adhere to the production curbs.
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