Oil gives up gains amid reports OPEC deal hinges on Iraq, Iran

Oil prices pulled back and hit fresh lows during the New York session after Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) will debate an oil output cut of 4.0-4.5%  for all of its members except Libya and Nigeria on Nov 30, but Iraq, Iran expressed reservations.

Crude oil fell from a high of $49.31 a barrel to a low of $47.31/bbl in recent dealings. The commodity was last trading around $47.65/bbl, down 1.73% on the day.

Later on Tuesday, the  American Petroleum Institute (API) will release its crude inventories report, which is expected to show a 300,000 decline last week.