The Brent barrel for October delivery traded at $51.78 in the London Futures Market on Tuesday, 1.65 percent less than at the end of the previous session.
This European benchmark was down by $0.87 – as compared with the last trading session – and stood at $52.65 in the International Exchange Futures.
Meanwhile, the West Texas Intermediate (WTI) dropped by 2.01 percent to $49.16 per barrel, after reports of the OPEC’s production increase in July became to circulate, according to EFE.
At the end of the open operations in the New York Stock Exchange, WTI futures contracts for September delivery went down by $1.01 from the previous trading session.
After reaching $50 on Monday, the price of the barrel was affected by the latest reports on OPEC’s output, which according to analyst’s estimations increased by 145,000-210,000 barrels per day last month, despite the production cut agreement.
According to experts, Tuesday’s 2 percent fall was also caused by the fact that oil reached excessive levels after investors made significant investments on U.S. oil follow Saudi Arabia’s announcement that is will curb production in August.