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Oil prices continue to fall due to fears of oversupply
Oil prices fell by more than a dollar, Tuesday, amid concerns about the possibility that the OPEC+ group might decide to increase supplies later this year in a global market that is already witnessing signs of weak demand.
US crude oil fell more than 1% on Tuesday, continuing its recent string of losses to erase most of its gains for the year after OPEC+ announced plans to increase production starting in October.
US crude futures fell 97 cents, or 1.31%, to settle at $73.25 per barrel.
US crude oil and global benchmark Brent crude recorded their lowest levels in four months earlier in the session. US crude has fallen for five straight sessions now, with the July contract falling 3.6% on Monday in the wake of the OPEC+ meeting last weekend.
Brent crude oil continued losses after falling to its lowest level in four months during the previous session. Yesterday, Monday, Brent crude closed below $80 for the first time since February 7, after falling more than 3%.
The lowest price recorded for Brent crude today was $76.76, which is only less than two dollars more than the lowest level of the price of crude this year, which reached $74.79 in early January.
US West Texas Intermediate crude futures fell $1.21, or 1.6%, to $73.01 per barrel.
Crude oil fell 3.6 percent yesterday, Monday, approaching the lowest level in four months at settlement.
The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, agreed on Sunday to extend most oil production cuts until 2025, but left room to gradually cancel the voluntary cuts by eight members, starting in October.
