Brent crude futures fall on supply glut concerns

Oil drilling rigs

Oil prices fell at the close of trading today, Sept. 22, amid oversupply concerns and despite escalating geopolitical tensions in Europe and the Middle East.

Brent crude fell 0.16%, or 11 cents, to $66.57 a barrel. WTI crude slipped by 4 cents to $62.64 a barrel.

"Traders are back to focusing on a possibly over-supplied global oil market that is soon to come, unless the U.S. and EU can agree on harsher tariffs on countries that purchase Russian crude," said Dennis Kissler, Senior VP of Trading at BOK Financial, according to Reuters.

Meanwhile, tensions in the Middle East escalated with several Western countries announcing their recognition of a Palestinian state. Additionally, last week, Estonia accused that Russian fighter jets violated its airspace.

However, these developments have not directly disrupted oil supplies.