Crude oil futures got a halt to their gaining streak on Tuesday, following reports that OPEC increased output despite the group’s pact to curb production. A survey reported that OPEC oil output jumped by 90,000 barrels per day (bpd) to a 2017 high. Much of the incrase was due to surging output from Libya. Supplies from Iraq also rose, helping to offset Saudi cuts. In May, OPEC and non-OPEC members agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November last year.

Benchmark crude oil futures for September delivery declined by $1 or 2 percent to $49.17 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended lower by 2.24 percent at $51.54 a barrel on the ICE.

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