Global crude prices extended declines Tuesday following reports that Iran's Oil Minister, Bijan Namdar Zanganeh, has ruled out cuts from the world's sixth-largest producer.

West Texas Intermediate crude for January delivery, which had been falling for much of the European session, fell sharply on the report, taking prices 3.45% lower to $45.08 per barrel. Brent crude, the global benchmark, also declined, falling 3.28% to $48.13 per barrel.

Traders have been paring bets on an agreement at Wednesday's meeting of OPEC members in Vienna amid a spat between Saudi Arabia and Iran over burden sharing. Iran has said that nations which increased production in recent months should bear the brunt of agreement cuts, while Saudi Arabia and others have argued for non-members such as Russia to join in on any agreed limits.

The 14-member cartel pledged to cap output at 33 million barrels per day in September amid a collapse in global prices, but have yet to come to terms on a pact that would limit the flow of crude in the months ahead.

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