US crude oil down $1 as market looks for floor

LONDON: US crude oil futures fell $1 on Tuesday in a sign of continued market volatility after OPEC failed to cut production output last week.

By 1035 GMT, U.S. crude for January was down 90 cents at $68.10, having dipped to a low of $67.97 a barrel, down $1.03.

"We saw a strong rebound yesterday and now traders are weighing up whether we have seen the bottom or if the downtrend that's been in place since June is likely to continue," said Michael Hewson, analyst at CMC Markets in London.