Oil prices edged lower on Tuesday as traders viewed OPEC+'s decision to pause production hikes in the first quarter as a sign of potential oversupply. Brent crude slipped 15 cents, or 0.2 per cent, to $64.74 a barrel, while US West Texas Intermediate (WTI) dropped 14 cents to $60.91. The producer group, which has raised output by about 2.9 million barrels per day (bpd) since April, agreed on Sunday to a modest increase for December, followed by a pause in early 2026. Analysts said the move suggested OPEC+ was acknowledging growing supply risks after months of bullish demand projections. According to Reuters, Russia had pushed for the pause, citing limits on exports due to Western sanctions. Despite the dip, analysts noted that ongoing sanctions on Russian oil firms Rosneft and Lukoil could lend some price support in the near term. Investors now await US inventory data expected later on Tuesday, with preliminary estimates pointing to a rise in crude stockpiles. Attribution: Reuters
