Oil prices fell today amid fears of a global supply surplus
Oil prices declined on Monday as concerns escalated over a potential global supply surplus during 2026, despite ongoing tensions related to supplies from Venezuela.
Brent crude futures fell by 81 cents, or 1.31%, to reach $60.65 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude dropped by 83 cents, or 1.44%, to reach $56.61 per barrel.
This decline is an extension of previous losses that exceeded 4% over the past few days, amid expectations of increased supply and a slowdown in global demand forecasts.
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