Oil settles near the lowest level in seven months

Oil markets have stabilized near the lowest level in seven months on Tuesday as investors focused on continuous signals to increase the supply, which attempts to undermine OPEC and other producers to support prices.

The futures rose for the global crude measurement Brent by two years to $ 46.93 a barrel by 0611 GMT.

On Monday, it fell futures contracts for crude 46 cents or the equivalent of one percent to settle at US $ 46.91 a barrel, the lowest closing level since 29 November, the eve of the Organization of the Petroleum Exporting Countries Agreement (OPEC) and other producers to cut production for a period of six months from January .

It decreased futures WTI US median three cents to $ 44.17 a barrel. The contract fell 54 cents, or about 1.2 percent in the previous session to reach the settlement of $ 44.20 a barrel, the lowest closing level since November 14. The July contract trading ends on Tuesday, and will become the earliest maturity date of August is the month.

It fell about 15 Van percent since late May, when OPEC and Russia extended and other producers of production cuts amounting to 1.8 million barrels per day for a period of nine months.

OPEC supply jumped in May, at a time when the recovery of production in Libya and Nigeria Almafatyn cut production agreement.

The increased production of oil from Libya, more than 50 thousand barrels per day after the National Oil Corporation to settle a dispute with the German company Wintershall.

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