Doha: Oil prices fell in early trading on Tuesday, extending losses from the previous session. Brent crude futures slipped 24 cents, or 0.40%, to $60.32 a barrel, while US West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.39%, to $56.60 a barrel.
According to Qatar News Agency, crude futures have declined by more than 4% in recent days, amid growing expectations of a global oil surplus in 2026. Such forecasts have contributed to the downward trend in oil prices as market participants anticipate a future imbalance between supply and demand.
Meanwhile, economic data released on Monday showed that China's industrial production growth slowed to its weakest pace in 15 months, while retail sales recorded their slowest growth since December 2022. The data raised concerns over the sustainability of China's export-led strategy to offset weak domestic demand, as a slowing economy could further weigh on oil demand from the world's largest crude importer.