Oil prices fall in the face of oversupply problems • Forbes México

Notimex.- Oil prices fell on Tuesday in early trade, with Brent in its largest monthly loss in two years, faced with oversupply concerns, after a report showed that the production of OPEC in July rose to its highest level in 2018.

OPEC, with a group of oil-producing countries not owned by the cartel, led by Russia, increased its production of 70,000 barrels per day (bpd) to reach 32.64 million bpd per day,

The group is committed to increase production to offset the loss of Iranian supply as impending sanctions have already begun to reduce exports of the third largest producer of OPEC.

You can also read: Oil prices fall in the face of excess supply

US President Donald Trump seemed to soften his attention on Iran and said on Monday that he meet. President Hassan Rouhani without preconditions, after uttering serious threats against Tehran last week.

The United States has indicated that it wants Iranian exports to fall under the sanctions that they promised to reintroduce in May and that will come into effect in May. November

"There are many factors to be followed in today's oil market, but in one way or another we always come to the same conclusion: the impact of US sanctions on Iran is what will decide the price of crude oil, "Tamas Varga, an analyst at Oil Associates, said in a note.

Six analysts polled the reports of the American Petroleum Institute and the US Energy Information Administration and estimated, on average, that crude oil dropped by about 3.2 million barrels during the week ending July 27th.

On Tuesday, a Brent North Sea oil barrel for deliveries in September was quoted at $ 75.13 at the start of the session (3:00 GMT) on the Intercontinental Petroleum Exchange (ICE) electronic market.

Brent, the international benchmark for oil prices, fell 46 cents (0.62 percent) from the previous close on Monday at 74.29

Meanwhile, the West Texas Intermediate (WTI) , reference to the United States, for shipments in September also at 03: 00 GMT, it dropped 43 cents (0.62%) and was trading at 69.70 dollars.