Oil Edges Lower on Oversupply Concerns

PUKMEDIA

Oil prices.

Oil prices slipped on Tuesday as concerns that global supply may outpace demand next year overshadowed fears that Russian exports will remain constrained by sanctions amid inconclusive negotiations to end the war in Ukraine.

According to Reuters, Brent crude futures dropped 27 cents, or 0.4%, to $63.10 a barrel as of 0500 GMT, while West Texas Intermediate (WTI) fell 23 cents, also 0.4%, to $58.61.

Both benchmarks had risen by 1.3% on Monday after growing doubts over a potential peace agreement between Russia and Ukraine dampened expectations of an unrestricted flow of Russian crude and refined products, which remain subject to Western sanctions.



PUKMEDIA