Brent falls to $65.88 per barrel

Oil prices are declining amid growing concerns that the market may face an oversupply as demand weakens in the United States and OPEC+ increases production.

According to Report, citing Interfax, as of 09:20 Baku time, November Brent futures on the London ICE Futures exchange dropped by $0.49 (0.74%) to $65.88 per barrel. On Thursday, Brent fell by $1.12 (1.7%) to $66.37 per barrel.

At the same time, October WTI futures on the NYMEX electronic trading platform decreased by $0.53 (0.85%) to $61.84 per barrel. During the previous session, the contract fell by $1.30 (2%) to $62.37 per barrel.

"Traders are now trying to find a balance between expectations of weak demand and oversupply on one hand, and rising geopolitical tensions on the other," noted Daniel Takieddine, an analyst at Sky Links Capital Group, as quoted by The Wall Street Journal.

Since the beginning of this week, Brent has gained 1.3% and WTI 0.8% amid concerns about escalating conflict in the Middle East following Israel"s strike on Hamas political leaders in Doha, Qatar, as well as expectations of increased pressure from the U.S. and Europe on buyers of Russian oil.