Oil Prices Drop Amid Concerns Over Supply Glut

Oil prices fell on Tuesday as forecasts of oversupply in 2026 outweighed concerns over potential disruptions to Russian crude due to sanctions, amid ongoing uncertainty over talks to end the war in Ukraine.اضافة اعلان

Brent crude futures dropped 27 cents, or 0.4%, to $63.10 per barrel by 05:00 GMT, while U.S. West Texas Intermediate (WTI) fell 23 cents, or 0.4%, to $58.61 per barrel.

Both benchmark oils had risen 1.3% on Monday amid growing doubts over a peace agreement to end the Russia-Ukraine conflict, which had reduced expectations of unrestricted Russian crude flows.

Despite market concerns about Russian shipments, overall supply-demand forecasts for next year point toward a potential oversupply.

Reuters