Oil prices fell in the U.S. after Saudi Arabia disclosed to OPEC that its monthly oil production had once again edged over 10 million barrels per day.
Brent crude fell 1.3% to $50.68 a barrel in Tuesday morning trading, while WTI crude fell 1.69% to $47.58.
Saudi Arabia said it produced 10.011 million barrels a day in February in OPEC's monthly report, up 2.6% month-over-month. The Saudis added that they produced 9.748 million barrels a day in January.
The slight rise in Saudi Arabia's production comes months after the OPEC nations agreed in November to across-the-board production cuts in an effort to ease the oversupply of crude oil on the market. Saudi Arabia is still producing oil well below its upper bound of daily production mandated by the agreement: 10.058 million barrels a day.
Data in the report derived by OPEC through secondary sources show Saudi Arabia produced only 9.797 million barrels a day in February. The organization said that based on secondary sources, total oil production by OPEC member nations fell by .4% to 31.958 million barrels a day.