Brent Crude Declines on Glut

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.