Live News Update Oil prices drop on oversupply concerns as OPEC output increased in July Oil prices fell on Tuesday, with Brent futures set for their biggest monthly loss in two years, on oversupply concerns after a report showed OPEC's output in July rose to its highest for 2018. September Brent crude futures LCOc1 fell 46 cents, or 0.6 percent, to $74.51 a barrel by 0356 GMT after rising nearly 1 percent on Monday. The September contract expires today and the more-active October contract was down 0.5 percent to $75.20. U.S. West Texas Intermediate crude futures (WTI) CLc1 were down 43 cents, or 0.6 percent, at $69.70 a barrel, after rising more than 2 percent in the previous session. For the month, Brent futures are set to drop 6.2 percent, the most since July 2016, while WTI futures set to decline 5.9 percent to, the biggest monthly drop since March 2017. A Reuters survey showed the Organization of the Petroleum Exporting Countries (OPEC) increased production in July. hiked pro...