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Oil prices pummeled as data show higher U.S., Saudi crude output

Oil prices tumbled Tuesday after a monthly OPEC report showed production out of Saudi Arabia climbing back above 10 million barrels of oil a day, as well as expectations for a sizable year-on-year rise in U.S. output.

April West Texas Intermediate crude CLJ7, -1.47% tumbled $1.28, or 2.6%, to $47.12 a barrel on the New York Mercantile Exchange. Prices continue to trade at their lowest levels since late November. May Brent crude LCOK7, -0.92% on the ICE Futures exchange in London dipped $1.08, or 2.1%, to $50.27 a barrel.

The Organization of the Petroleum Exporting Countries’s latest monthly report revealed that Saudi Arabian crude oil came in at 10.011 million barrels a day in February, up from 9.748 million in January, according to figures submitted...