In New York, crude oil prices dropped by one dollar per barrel amid concerns about declining global demand and the decision by oil-exporting countries to increase supply until the end of the year, according to a Reuters report.
Brent crude fell by $1.11, or 1.4 percent, to $77.25 per barrel, following a four-month loss in the previous season. The report noted that Brent had closed at $80 per barrel on Monday, experiencing a more than 3 percent drop, marking its lowest level since February 7 of this year.
On Tuesday, Brent briefly touched $76.76 per barrel, also the lowest since February 7, just $2 above the $74.79 per barrel seen in early January.
Meanwhile, U.S. West Texas Intermediate crude oil decreased by $1.09, or 1.5 percent, after a 3.6 percent decline on Monday, hitting a nearly four-month low.
On Sunday, the Organization of the Petroleum Exporting Countries (OPEC), led by Russia and its allies, agreed to increase oil production by 2025, while also planning voluntary output cuts. This should be done gradually to avoid issues for member countries. PVM broker Tamas Varga remarked that the market reaction is a concern for oil producers but benefits consumers.
