Oil prices dived Tuesday as crude output from the Organization of Petroleum Exporting Countries ( OPEC) increased in July.
In July, OPEC crude production increased by 101,000 barrels per day to average 31.51 million barrels per day, according to OPEC monthly oil market report released Tuesday.
Non-OPEC oil supply is expected to grow by 960,000 barrels in 2015, following an upward revision of 900,000 barrels, due to higher-than-expected output from non-OPEC producers mainly outside of North America.
OPEC maintained its output quota of 30 million barrels per day at June's meeting. The cartel's output accounted for around 40 percent of the global crude output.
Algerian Energy Minister Salah Khebri said Monday that OPEC has no plans for an emergency meeting to discuss the drop in oil prices before the next scheduled gathering in December. Algeria is one of the OPEC members.
The West Texas Intermediate for September delivery moved down 1. 88 U.S. dollars to settle at 43.08 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 1.23 dollars to close at 49.18 dollars a barrel on the London ICE Future Exchange.