Oil prices drop on oversupply concerns as OPEC output increases in July

September Brent crude futures fell 25 cents, or 0.3 percent, to $74.72 a barrel by 0654 GMT after rising nearly 1 percent on Monday. The September contract expires later on Tuesday and the more-active October contract was down 0.3 percent at $75.35.

Oil prices drop on oversupply concerns as OPEC
Oil prices fell on Tuesday, with Brent futures set for their biggest monthly loss in two years. Image source: Reuters

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