Muscat: Brent crude futures slipped 30 cents, or 0.45 percent, to $66.07 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 31 cents, or 0.5 percent, to $62.06. Both contracts had already recorded steep losses in the previous session, with Brent down 1.7 percent and WTI falling 2 percent.
The latest dip follows the International Energy Agency’s (IEA) monthly report, which forecast faster-than-expected global supply growth this year, citing planned output increases by OPEC and allies such as Russia. The OPEC+ alliance confirmed that it will raise production quotas starting in October, with Saudi Arabia aiming to regain market share.
OPEC, however, kept its relatively high demand growth outlook for 2025 and 2026 unchanged, pointing to a steady global economic recovery.
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Meanwhile, U.S. data showed a surprise jump in crude inventories, with stockpiles rising by 3.9 million barrels last week to 424.6 million barrels, according to the Energy Information Administration.
Adding to supply pressures, the IEA noted that Russia, currently the world’s second-largest producer after the U.S., saw its oil revenues in August fall to one of the lowest levels since the start of the Ukraine conflict.
