Oil prices declined today amid market concerns about a potential global oversupply following OPEC+’s decision to suspend planned production hikes in the first quarter of next year.
Brent crude futures fell by 15 cents, or 0.2%, to $64.74 a barrel, while U.S. West Texas Intermediate (WTI) crude slipped by 14 cents, or 0.2%, to $60.91 a barrel.
The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries and its partners, earlier agreed to a modest output increase for December while pausing further hikes in the first quarter of next year.
Since April, the alliance has raised output targets by about 2.9 million barrels per day—roughly 2.7% of global supply—but has slowed the pace of these increases since October amid expectations of market oversupply.
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