Oil falls back to $50/bbl

Oil came under pressure during the New York session, fading the early advance to the $51 area, amid skepticism over an output deal among global producers and a stronger US dollar.

Crude oil retreated from a daily peak of $51.05 a barrel and fell all the way back to $49.91/bbl before finding support. The commodity has stabilized around the $50 area, where it records a 0.89% loss on the day.

The OPEC reached an agreement to cut output to a range of 32.5 million to 33.0 million barrels per day late last month. However, skepticism over the implementation have kept prices depressed. 

Focus now turns to US stockpiles data. The American Petroleum Institute (API) will release its weekly report at 20:30 GMT on Tuesday, while official data from the Energy Information Administration will be released Wednesday.