Oil prices have dropped following reports of rising US crude stocks and oversupplies from OPEC. 

Brent crude fell by 39 cents to $51.39 per barrel, while the US West Texas Intermediate (WTI) crude was at $48.76 a barrel after losing 40 cents from the last settlement, reported Reuters.

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The American Petroleum Institute (API) reported a rise in US fuel inventory by 1.8 million barrels in the week ending 28 July, taking it to 488.8 million. 

Investors are watching for the official figures to be published by the US Energy Information Administration shortly.

"Reports showed that output from the oil group is nearly 33 million barrels per day, despite its pledge to curb output."

The price levels also suffered due to high production supplies from the OPEC countries. 

Reports showed that output from the oil group is nearly 33 million barrels per day (bpd), despite its pledge to curb output by 1.8 million bpd along with non-OPEC producers.

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Energy consultancy Douglas Westwood said that the oil market will be marginally undersupplied this year. However, the global oversupply is expected to return this year and persist until 2021.

The Economist Intelligence Unit also told Reuters that the global market remains oversupplied and additional curbs on production may not be effective to rebalance the oil market.