Oil falls over $1 on worries of supply rising later in 2024

 



Oil prices continued their decline on Tuesday, dropping over $1 as they extended losses from the previous session's four-month low. Investor concerns about potential supply increases later in the year, combined with signs of weakening U.S. demand, fueled the decline. As of 0825 GMT, Brent crude futures were down by $1.14, or 1.5%, trading at $77.22 per barrel. On Monday, Brent crude had closed below $80 for the first time since February 7, after a drop of more than 3%.