Oil prices fell on Tuesday following news that the United States proposed the sale of half the country's strategic oil reserves, even as producer club OPEC and its allies cut output to tighten the market.

    Brent crude futures were trading down 26 cents at $53.64 per barrel. US West Texas Intermediate (WTI) futures were down 23 cents at $50.90.

    The White House budget plan would sell off half of the nation's emergency oil stockpile from 2018 to 2027 to raise $16.5 billion from October 2018, documents released on Monday showed.