Oil prices decline amid oversupply concerns

Oil prices fell on Tuesday, extending their losses amid oversupply concerns

Oil prices fell on Tuesday, extending their losses after declining by about 2% in the previous session amid concerns over oversupply.

Brent crude futures for February 2026 delivery dropped 0.25%, or 17 cents, to $62.30 per barrel at 09:04 am KSA time.

US WTI crude futures for January 2026 delivery edged down 0.35%, or 21 cents, to $58.67 per barrel.

Both contracts fell by more than one dollar per barrel on Monday, after Iraq resumed production at the West Qurna 2 oilfield operated by Lukoil, one of the world’s largest oil fields, according to Reuters.

The market is awaiting the American Petroleum Institute’s report on US oil inventories later today, ahead of the official data from the US Energy Information Administration due tomorrow, Dec. 10.