BENGALURU/SINGAPORE: Oil prices were little changed on Tuesday as traders assessed rising supply by OPEC+ against worries of weaker demand and US President Donald Trump’s new threats on India over its Russian oil purchases.
Brent crude futures dipped 1 cent to $68.75 a barrel by 9:31 a.m. Saudi time, while US West Texas Intermediate crude was down 2 cents at $66.28.
Both contracts fell by more than 1 percent in the previous session to settle at their lowest in a week.
Both benchmarks have receded because extra capacity from OPEC+ is acting as a buffer for any shortfalls in Russian supplies, said Priyanka Sachdeva, a senior market analyst at Phillip Nova.
The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September.
