Oil slips on record Saudi output

Oil prices slipped on Tuesday, weighed down by record Saudi Arabian production even as OPEC's top producer pushes for supply cuts ahead of the group's meeting in Austria next week.

International Brent crude oil futures briefly dipped below $60 per barrel before rising back to $60.16 at 0814 GMT, still down 32 cents, or 0.5 percent, from their last close. US West Texas Intermediate (WTI) crude futures were at $51.18 per barrel, down 45 cents, or 0.9 percent.

Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month.