Oil price dropped about 5 percent in Asian market on Tuesday. The Increasing of Oil production in Petroleum Exporting Countries (OPEC) and US is the main reason for this. The production in the OPEC reached the highest monthly level in recent times in July and as per reports, Iran plans to increase the output by 50,000 barrels per day.

“Crude oil is close to the low set earlier in the year, which is now looking likely to be tested as early as this week,” based on a note by ANZ bank.