Tokyo — Oil markets held near seven-month lows on Tuesday as investors focused on persistent signs of rising supply that are undermining attempts by cartel Opec and other producers to support prices. Brent futures rose 4c to $46.95 at 2.14am GMT. On Monday, they fell 46c or 1% to settle at $46.91 a barrel. That was their lowest since November 29, the day before the Organisation of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut output for six months from January. US West Texas Intermediate crude futures were down 1c at $44.19 a barrel. They declined 54c or 1.2% in the previous session, to settle at $44.20 a barrel, the lowest close since November 14. The July contract will expire on Tuesday and August will become the front month. Both benchmarks have fallen about 15% since late May, when Opec, Russia and other producers extended by nine months the cut in output by 1.8-million barrels a day. "Recent data points are not encouraging," Morgan Stanley said in a...
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