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Oil prices declined on Tuesday as investors grew increasingly concerned about the possibility of a persistent global supply glut.
Brent crude futures slipped by around 0.2% to trade near $64.70 per barrel, while U.S. West Texas Intermediate (WTI) fell by a similar margin to approximately $60.87 per barrel.
The drop comes despite a decision by OPEC and its allies (OPEC+) to implement a modest production increase in December while delaying further hikes until the first quarter of next year — a move aimed at managing oversupply risks.
Analysts believe the move highlights OPEC+’s awareness of the potential downside to prices if production outpaces demand, as the group seeks to maintain market stability and avoid prices falling below $50 per barrel.
Meanwhile, several European energy producers expressed doubts about the likelihood of significant oversupply next year, while U.S. officials said they do not expect a surplus in 2026.
