Oil prices fall on fears of oversupply in market

News Department
Author

Oil prices continued to decline on Tuesday amid growing concerns about a global supply glut, Report informs referring to trading data.

The price of December Brent crude futures on London's ICE Futures exchange was $60.93 per barrel, down $0.08 (0.13%) from the previous close.

WTI crude futures for December in electronic trading on the New York Mercantile Exchange (NYMEX) fell $0.08 (0.14%) to $56.94 per barrel.

OPEC+ countries have been steadily increasing production in recent months, as have a number of non-OPEC+ countries. The increase in production comes amid weakening demand, and experts believe the global supply glut may reach 4 million barrels per day early next year.

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