Oil prices fell on Tuesday as concerns over Middle East supply continued to dampen sentiment in the market. The global crude benchmark Brent was down 0.33% at $45.48 for July cargoes while its U.S. counterpart, West Texas Intermediate, dipped 0.80% on the New York Mercantile Exchange to $44.40 a barrel for June deliveries. Brent has now already fallen by around 5% in the first days of the new month. Analysts say that the change of the front month benchmark futures contract from June to July is a major factor. But they also point to concerns over continued strong supply data from the Organization of the Petroleum Exporting Countries, after a monthly survey of OPEC producers by news agency Reuters on Monday suggested April output from the cartel was up 170,000 barrels a day month-on-month at 32.64 million barrels a day. Adding to oversupply concerns, Russia announced April production of […]