Oil Prices Slide as Supply Fears Mount

MSN

An oil field.

Oil prices fell again on Tuesday, extending their recent losing streak amid mounting concerns over global oversupply and sluggish demand.

Brent crude slipped to around $66.15 per barrel, while West Texas Intermediate (WTI) eased to $61.92. The benchmarks have dropped nearly four per cent over the past week.

Traders point to expectations that Iraq and the Kurdistan Regional Government will soon resume exports via Türkiye’s Ceyhan pipeline, adding about 230,000 barrels per day to the market. Combined with rising OPEC output and weakening global consumption forecasts, analysts warn that the market faces renewed pressure.

Economic uncertainty, high inventories, and subdued demand growth are likely to keep prices under strain in the short term, unless supply disruptions or new production cuts emerge.



PUKMEDIA