Oil Edges Down on Glut Worries

WTI crude oil futures inched down to $66.1 per barrel on Tuesday, marking a fourth straight session of losses, amid growing concerns about a supply glut following OPEC+’s decision to increase output despite potential risks to Russian supply. On Sunday, OPEC+ agreed to boost production by 547,000 barrels per day in September, completing the reversal of a 2.2 million-barrel-per-day cut made by eight member countries in 2023. Meanwhile, fresh US pressure on India to stop purchasing Russian oil—as Washington seeks to push Moscow toward a peace deal with Ukraine—is raising concerns about potential disruptions to global supply flows. President Donald Trump said on Monday that he would “substantially raise” tariffs on India over its continued imports of Russian oil. India is currently facing a 25% tariff on its exports to the US. These developments come amid an already uncertain global demand outlook, clouded by ongoing trade tensions and recent weak economic indicators.