Muscat: Oil prices edged lower today, pressured by signs of higher production and concerns over the impact of US tariffs on demand. Brent crude futures fell 12 cents, or 0.18%, to reach $67.36 per barrel, while US West Texas Intermediate (WTI) crude dropped 13 cents, or 0.2%, to $63.88 per barrel.
According to Oman News Agency, the decline in oil prices is attributed to increasing production levels, which have raised supply concerns in the market. Additionally, the ongoing trade tensions related to US tariffs are causing uncertainty about future demand, further influencing the dip in prices.
Market analysts are closely monitoring these developments, as the combination of higher output and trade-related apprehensions could continue to impact oil prices in the coming days. The oil market remains sensitive to geopolitical and economic factors, making it crucial for stakeholders to stay informed of any shifts in production or trade policies.