WASHINGTON (dpa-AFX) - Oil prices traded lower for a fourth consecutive session on Tuesday as fears of oversupply gripped markets, potentially overshadowing increased risks to Russian supplies.
Worries of weaker global demand also weighed on prices, with analysts expecting global economic growth to slow in the second half of the year.
Benchmark Brent crude futures fell 0.90 percent to $68.14 a barrel in European trade while WTI crude futures were down a little over 1 percent at $65.60.
Both contracts fell by more than 1 percent on Monday to settle at their lowest in a week.
Concerns of oversupply are pushing oil prices lower after OPEC+ agreed to another large output increase in September.
The oil cartel has agreed to hike output by 547,000 barrels per day for September on top of the planned 548,000 bpd hike for August and the earlier July's target of 411,000 bpd.
Investors also weighed risks to Russian supplies after U.S. President Donald Trump threatened to 'substantially' raise tariffs on goods imported from India, accusing that the country profited from Russia's war in Ukraine by purchasing large quantities of Russian oil and reselling it on the global market.
India's external affairs ministry pointed out the EU and the U.S.' trade relationship with Moscow and said that the country was being unfairly targeted over its purchases of Russian oil.
There is a growing sense in India that the government would not allow American policymaking to shape its choices on vital energy supplies.
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