Oil slips 3% on rise in Opec output supply

Oil slid about 3 per cent from a two-month high on Tuesday as major world oil producers kept pumping out supply, worrying investors that several weeks of steady gains had pushed the rally too far, too fast. Selling picked up in the late morning as oil broke below Monday's lows, and with more than 725,000 U.S. futures contracts traded by 12:17 p.m. EDT (1617 GMT), it was shaping up to be one of the busiest sessions in the last several weeks.Brent crude, the international benchmark, was down $1.55 a barrel, or 2.9 percent, to $51.18 at 12:17 pm EDT (1617 GMT). US crude was down $1.53, or 3.1 per cent, to $48.64 a barrel. BLOOMBERG<