Oil prices fall on expectations of supply glut in market

Global oil prices fell on Tuesday morning in anticipation of a supply glut, Report informs referring to trading data.

The price of January Brent crude oil futures fell 0.28% from the previous close, to $64.72 per barrel, while December WTI futures fell 0.26% to $60.89.

Analysts continue to assess the supply and demand situation in the oil market following the decisions of the eight OPEC+ countries following their recent meeting.

Earlier, the eight OPEC+ countries (Saudi Arabia, the UAE, Kazakhstan, Russia, Iraq, Kuwait, Algeria, and Oman) decided to increase their December oil production cap by an additional 137,000 barrels per day from November levels, but also announced a pause in production increases from January to March 2026 due to seasonality.