Oil falls for a third day, knocked by rising United States output

This sentiment comes in part on the back of rising US oil output, which has grown by more than 14 percent since mid-2016 to a record 9.62 million barrels per day (bpd). "This is a new level of geopolitical risk", he said.

On the supply side, tensions in the Middle East raised the prospect of disruptions, traders said.

"Prices. are starting to look like a pause or pullback is needed", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Middle East tensions grew over the weekend, fueling expectations of supply disruptions in the region after Bahrain said Iran was behind an explosion to its main oil pipeline.

OPEC members and other major oil producers are expected to decide at their November 30 meeting whether or not to extend the oil production cuts beyond March 2018.

Despite the cautious sentiment, traders said oil prices were unlikely to fall far, largely due to supply restrictions led by the Organization of the Petroleum Exporting Countries and Russian Federation, which have helped reduce excess stockpiles.

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The level of inventories held by industrialized above the five-year average "has fallen by more than 50 per cent in 2017, with inventories now at around 160 million barrels", consultancy Timera Energy said. "If current trends continue, inventories are likely to return to the five-year average at some stage in 2018", consultancy Timera Energy said on Monday, adding that strong demand had also helped reduce the glut.

Stocks were 154 million barrels above the five-year average, the excess that OPEC aims to eliminate. The speculator group raised its combined futures and options position in NY and London by 37,960 contracts to 381,666 during the period, the U.S. Commodity Futures Trading Commission (CFTC) said. This led to a slide in crude futures prices late on Friday away from over two-year highs reached early last week.

Money managers now hold a net long position in Brent futures and options equivalent to almost 544 million barrels of oil.

Some non-OPEC members allied with OPEC in the oil production cuts could become official members of the cartel in the future, the UAE's Energy Minister Suhail Al Mazrouei said on Tuesday.

The U.S. government said on Monday U.S. shale production in December would rise for a 12th consecutive month, increasing by 80,000 bpd.

The rig count is also much higher than a year ago, when only 452 rigs were active, indicating that the U.S. oil industry is comfortable operating at current prices.

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