Oil prices fell about 3 percent to seven-month lows on Tuesday after increases in supply by several key producers overshadowed high compliance by OPEC and non-OPEC oil producers with a deal to cut global output.
Benchmark Brent fell as low as $45.42, its weakest since Nov. 15, just before OPEC and other producers agreed to cut output by 1.8 million barrels per day (bpd). It was down 96 cents, or 2.1 percent, to $45.95 a barrel 2:37 p.m. (1837 GMT)
U.S. West Texas Intermediate crude oil contract for July fell to a session low of $42.75 a barrel, the weakest level since Nov. 14. It ended Tuesday's session down 97 cents, or 2.2 percent, at $43.23 on its final day as the front-month contract.
The closing level, the lowest since Sept. 16, was more than 20 percent below WTI's 52-week closing high in February, putting the commodity in bear market territory.
WTI's August contract, which accounted for most of the volume in U.S. crude futures on Tuesday, was down 95 cents, or 2.1 percent, at $43.48.