The oil drops more than 1% and displays a worse monthly fall in more than a year

Oil prices fall by more than one percent on both sides of the Atlantic, Brent recording its largest monthly loss in two years, in the face of supply concerns surplus, after a report showed that OPEC production in July reached its highest level in 2018.

On Tuesday, the barrel of Brent from the North Sea for October delivery fell 1.02% to $ 74.78 on the Intercontinental Petroleum Exchange (ICE) futures market ) in London.

Brent, the international benchmark for oil prices, shows a monthly drop, before closing, of 6%, in what would be its biggest drop since July 2016.

Meanwhile, the crude West Texas Intermediate (WTI), reference to the United States, for delivery in September, down 1.5%, to be listed at 69.08 dollars.

For the month, the contract would fall by 6.9%, the biggest shipwreck of the WTI since March 2017.

Futures strongly reacted downward, after the OPEC with a group of non-cartel oil countries, led by Russia, increased production by 70,000 barrels per day to reach 32.64 million barrels a day, the most this year.
Russian oil production reached 11.22 million barrels a day this month, while ceilings imposed by an agreement with OPEC declined, according to Interfax, while data from the Government of Kazakhstan indicated that its production had recovered

The OPEC is committed to increasing production to offset the loss of Iran's supply as impending sanctions have already begun to reduce exports of the third largest producer of oil. 39; OPEC.

The United States said it wanted Iranian exports to drop to zero under the sanctions they undertook to reintroduce in May, which will come into effect in November.

Meanwhile, President Trump said he was open to talks with Iran as US sanctions on the country's oil trade set in.

Six badysts polled the reports of the American Petroleum Institute and the US Energy Information Administration estimate, on average, that crude inventories fell by about 3.2 million barrels during the week ended July 27th.

For its part, the basket of the Organization of the Petroleum Exporting Countries (OPEC) was quoted at 73.53 dollars Monday, down 16 cents (0.22%) from the trading session. last Friday, reported the deal. .

With information from Reuters and Notimex.