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Light, sweet crude for July delivery fell 60 cents to settle at 134.01 U.S. dollars a barrel on the New York Mercantile Exchange. Crude futures traded within a narrow range compared with Monday's wide swing, when prices surged to an all-time peak of 139.89 dollars a barrel and plumped to 132.84 dollars a barrel.
Saudi Arabia, the world's largest oil producer, promised to increase oil output by 200,000 barrels a day from June to July. In May, it raised production by 300,000 barrels a day. And it called for a meeting of oil producing and consuming countries to discuss soaring prices, which is scheduled on June 22.
Meanwhile, Mexican Energy Minister Georgina Kessel said Tuesday that the country may increase crude production to 3 million barrels a day in 2009.
The U.S. Commodity Futures Trading Commission, which is examining potential price manipulation in the U.S. oil markets, said Tuesday that it will place stricter limits on foreign exchanges that trade U.S. oil.
In London, Brent crude futures for August delivery fell 1.24 dollars to settle at 133.47 dollars a barrel on the ICE Futures Exchange.