Crude oil futures declined Tuesday prior to the Organization of Petroleum Exporting Countries (OPEC) meeting on oil output.
Ministers from the OPEC, which includes 13 countries together produce around 40 percent of the world's oil, are to meet Wednesday in Abu Dhabi on supply issues.
Since last week, crude futures have declined more than 10 percent below the all-time high of 99.29 a barrel.
A report from U.S. intelligence agencies that concluded Iran has halted nuclear weapons programs also helped send down prices.
Light, sweet crude for January delivery was down 99 cents to 88.32 dollars a barrel on the New York Mercantile Exchange.
January Brent crude fell 27 cents to 89.53 dollars a barrel on the ICE futures exchange in London.
Source:Xinhua
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