Crude oil futures fell sharply on Thursday, following the equities, as market participants questioned Organization of the Petroleum Exporting Countries (OPEC’s) commitment to the global pact to curb production in after OPEC admitted its production rose in July despite a supply quota agreement with Russia. The cartel pumped oil at a relatively robust pace even as Saudi Arabia tried to get smaller members to comply. OPEC’s output rose by roughly 0.5%, to 32.87 million barrels a day last month, up by 172,600 barrels from June. That production from the group rose further in July, as exempt producers - Nigeria and Libya - and top exporter Saudi Arabia increased output.

Benchmark crude oil futures for September delivery declined by $0.82 or 1.9 percent to $48.72 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended lower by 1.16 percent at $52.09 a barrel on the ICE.

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