Oil prices drop on oversupply concerns as Opec output increased in July

Oil prices fell on Tuesday, with Brent futures set for their biggest monthly loss in two years, on oversupply concerns after a report showed OPEC's output in July rose to its highest for 2018. September Brent crude futures fell 46 cents, or 0.6 percent, to $74.51 a barrel by 0356 GMT after rising nearly 1 percent on Monday. The September contract expires today and the more-active October contract was down 0.

5 percent to $75.20. US West Texas Intermediate crude futures (WTI) were down 43 cents, or 0.6 percent, at $69.70 a barrel,.

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