Crude oil futures slumped to a seven-month low on Tuesday ahead of inventory data, and amid reports that Nigeria and Libya are ramping up production. The two most vulnerable OPEC nations are exempt from the cartel's supply quota deal with Russia. Libya is currently producing 902,000 barrels a day. It’s the North African country’s highest output in four years. Sentiment on oil remained negative for the second-consecutive session, as investors continued to doubt OPEC and its allies’ efforts to re-balance supply and demand in the market in the wake of rising global output.

Benchmark crude oil futures for July delivery ended lower by $0.92 or 2.1 percent to $43.23 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended down by 1.90 percent to $46.01 on the ICE.

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