Oil prices dip more than $1 on Tuesday, reflecting market uncertainty surrounding OPEC+'s decision to increase supply later this year. The move comes amidst concerns about weakening demand in the global oil market.
Brent crude futures saw a drop of $1.11, or 1.4%, reaching $77.25 per barrel by 1336 GMT. This decline follows the continuation of losses from the previous session, where Brent crude fell to a four-month low. Monday's closing price for Brent was below $80 for the first time since February 7, marking a decrease of more than 3%.
The fluctuation in oil prices underscores the delicate balance between supply and demand dynamics, with market participants closely monitoring OPEC+'s actions and their impact on global energy markets. Stay tuned for further developments as the situation continues to unfold.
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