WTI crude oil futures fell to $60.8 per barrel on Tuesday after a four-day advance, amid persistent concerns about oversupply despite OPEC+’s decision to pause output increases early next year. The producer group agreed to a modest production hike in December but will halt further additions from January to March due to seasonal demand fluctuations. The decision comes amid expectations that the oil market could face a surplus in 2026, with continued increases in supply from both OPEC and non-OPEC producers. Still, some analysts cautioned that supply risks remain, citing tighter US sanctions on Russian oil majors Rosneft and Lukoil as well as continued attacks on the country’s energy infrastructure. The latest Ukrainian drone strike set a tanker ablaze and disabled several loading facilities at the Black Sea port of Tuapse, home to a Rosneft refinery.
