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NEW YORK (Reuters) – Oil prices fell on Tuesday, on track for their largest monthly decline in two years after OPEC output reached a 2018 high in July and comments from US President Donald Trump be avoided.
An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang Province, China July 4, 2018. REUTERS / Stringer
October Brent crude futures LCOV8 fell 74 cents to $ 74.81 a barrel by 11:50 am EDT (1550 GMT). The September contract, which expires later on Tuesday, traded at $ 74.40. U.S. crude futures fell $ 1.15 to $ 68.98.
Brent has lost about 6 percent this month, with U.S. crude futures down to about 7 percent.
Trump said he was willing to meet Iran's leading without preconditions. Iranian officials rejected the proposal, urging Trump to first make up for withdrawing from the multilateral nuclear deal that the U.S. had been a part of.
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"I think we are going to get into a total loss of Iranian exports to maybe, we can not lose any exports, Flynn said.
Russia and the Organization of the Petroleum Exporting Countries boosted output in July, signs of growing global supply that pressured prices.
The Reuters survey released on Monday 25,000 barrels per day (bpd) to 32.64 million bpd, a high for the year.
(For a graphic on OPEC 's crude output and the Brent price' click reut.rs/2LILZaU)
OPEC has been reduced to offset the supply of Iran, the group's No. 3 producer. Looming U.S. sanctions have already started to cut Iranian exports.
"On the supply side, the latest news from Russia shows they increased production by around 300,000 bpd … moreover in production in the OPEC survey," Senior Saxo Bank manager Ole Hansen said.
"The global (supply-demand) balance has softened and has been less tight in July, hence the sell-off we've seen."
Iran said Trump was mistaken to expect Saudi Arabia and other oil producers compensation for supply losses caused by US sanctions.
(For a graphic on 'Brent sees largest one-month fall since July 2016' click reut.rs/2LIUcvL)
A Reuters poll from OPEC and the United States meets Asia and helps offset supply disruptions. [O/POLL]
The market will get weekly U.S. inventory data on Tuesday from the American Petroleum Institute (API), an industry group, and on Wednesday from the U.S. Energy Information Administration (EIA).
Analysts polled by Reuters estimated, on average, that crude stocks fell by 3.2 million barrels in the week ended July 27.
Additional reports by Amanda Cooper in LONDON, Aaron Sheldrick in TOKYO; editing by David Gregorio and Jason Neely
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