Oil prices fell in early Asian trade on Tuesday, paring gains from the previous day.
Both major oil benchmarks rose about 40 cents in the previous session. Concerns about a glut of crude are keeping crude prices from rising further.
Analysts at energy consultancy Ritterbusch and Associates said, “Global crude supply is becoming a growing concern as OPEC production continues to rise. At the same time, economic growth in major crude-consuming countries means weak demand.”
Earlier this month, OPEC+ decided to increase its December production targets by 137,000 barrels per day, the same amount added in October and November. The group also agreed to stop further increases in the first quarter of next year.
Russian crude Crude prices could depend on how much China continues to stockpile and whether India follows the former US president’s advice to delay buying more crude from Russia, Ritterbusch added.
