Stock Market Tips, Oil prices fall as White House proposes U.S. oil reserve sales

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Oil prices fell on Tuesday after U.S. President Donald Trump proposed the sale of half the country's strategic oil reserves in his budget plan, just as producer club OPEC and its allies are cutting output to tighten the market.

After rising in Asian morning trading, Brent crude futures reversed their gains and were at $53.66 per barrel at 0232 GMT, down 21 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $50.94, down 19 cents, or 0.4 percent.

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