Brent oil falls to $60.99 per barrel amid oversupply concerns

Brent February futures dropped by $0.29, or 0.47%, to $60.99 a barrel on the ICE Futures exchange in London, according to Interfax via Report.

January WTI futures fell by $0.28, or 0.49%, to $57.32 a barrel on the NYMEX exchange.

Oil prices continue to face downward pressure amid fears of a global supply glut.

The International Energy Agency (IEA) largely confirmed its forecast that in 2026 oil supply will exceed demand by a record four million barrels per day, and warned that global inventories are set to reach a four-year high.

Traders are also closely watching geopolitical developments, particularly efforts to resolve the conflict between Russia and Ukraine, which could lead to the return of Russian oil supplies to the global market.