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Oil prices decline on oversupply fears despite trade-deal hopes
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Oil prices fall as oversupply fears weigh despite calmer trade tensions.
Crude oil prices slid Tuesday amid concerns of oversupply and weak demand outlook, even as trade-tension relief supported global markets. Brent futures dipped to about US$60.87 per barrel and U.S. West Texas Intermediate futures fell to roughly US$57.45. A recent drone strike on Russia’s Novokuibyshevsk refinery and output cuts in Kazakhstan did little to offset warnings of a potential surplus of up to 4 million barrels per day by 2026 per the International Energy Agency.