WASHINGTON (dpa-AFX) - Oil prices edged lower on Tuesday after four days of gains. Benchmark Brent crude futures fell 1.2 percent to $64.10 a barrel in European trade while WTI crude futures were down 1.4 percent at $60.22.
Oversupply concerns persist despite OPEC+'s decision to pause output hikes early next year, after a modest hike in output for next month.
The oil cartel announced a pause in production increases from January to March 2026 mainly due to seasonality.
The International Energy Agency said last month that the world oil market faces a surplus next year of as much as 4 million barrels per day.
Morgan Stanley has raised its Brent forecast for early next year but flagged that the oversupply will only even out in 2027.
Meanwhile, Russian oil dispatches to India have dropped sharply after the United States announced sanctions on Moscow's oil giants Rosneft and Lukoil on October 22, according to provisional tanker data.
In the week to October 27, shipments from Russia to India averaged 1.19 million barrels per day (bpd), significantly down from 1.95 million bpd in the previous two weeks.
At the same time, India's crude oil imports from the U.S. rose to the highest level in October since March 2021 as refiners bought 593,000 bpd of crude oil from Washington.
Russia remained the main source, accounting for 34 percent of India's crude basket with 1.62 million bpd supply in October.
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