Brent crude oil prices dipped in early Asian trade on Tuesday as strong global output stoked worries about oversupply, while U.S. contracts were supported as a tropical storm hit the coast of oil-producing Texas.
The fall in the Brent international benchmark follows three straight sessions of decline that have seen prices lose almost 5 percent in the past week.
“Rising OPEC supplies are negating some of the supportive influence from unpredictable geopolitical flare-ups in the Middle East and weighing on Brent prices,” ANZ bank said in a note on Tuesday.
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