SAO PAULO: Latin American currencies and stocks dropped on Tuesday as falling prices of commodities from crude oil to iron ore curbed demand for assets from exporters of basic products.

News of increased supply by several key oil producers hammered crude futures to a seven-month low, extending a trend that has undermined attempts by OPEC and others to support prices by cutting output.

Currencies of oil exporters led the declines in Latin American foreign exchange markets, with the Colombian peso slipping 2.2 percent to its weakest in a year. The Mexican peso was down 0.9 percent.

Shares of oil companies tumbled, weighing on stock markets in the region. Losses in shares of Brazilian state-controlled Petr?leo Brasileiro SA subtracted the most points from Brazil's benchmark Bovespa stock index, while shares of Colombia's Ecopetrol dropped nearly 3 percent.

Brazilian miner Vale SA also fell as concerns over Chinese demand for steel and global oversupply dragged iron ore futures lower.