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Low oil prices after OPEC production increase
Oil prices tumbled on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) reached a high level of 2018 in July, but fears of supply disruption have reduced losses.
Brent crude for September delivery fell 7 cents to $ 74.90 a barrel at 0109 GMT after rising 68 cents, or 0.9 percent, on Monday.
US WTI crude contract prices also fell six cents to $ 70.08 a barrel, after rising more than 2% in the previous session.
A Reuters survey showed that OPEC increased its production in July by 70,000 barrels per day to 32.64 million bpd, a high level for 2018. Further increases in supplies would offset production stoppage in some areas and absorb the impact of price pressures.
"The gains of US crude on Monday came from expectations that US crude inventories fell last week and fears that production at the Synchrode facility in Canada will be halted will not be overcome as soon as expected," traders said.
Oil prices have recovered from low levels that have fallen over the past two weeks as sanctions against Iran have begun to cut exports from that country. US President Donald Trump said he was "ready for talks without preconditions with Iranian President Hassan Rowhani."
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