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.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.