Oil continues to lose due to fears of oversupply

Baghdad, Oil prices fell in early trading, today, Tuesday, continuing the losses of the previous session when prices fell to their lowest levels in four months, with investors concerned about increased supplies later in the year. Brent crude futures fell 20 cents, equivalent to 0.3 %, to $78.16 per barrel. Brent crude closed below $80 for the first time since last February 7, after it fell more than 3 % yesterday, Monday. US West Texas Intermediate crude futures fell 17 cents, or 0.2 %, to $74.05, and closed near the lowest level in four months yesterday after falling 3.6 %. The Organization of the Petroleum Exporting Countries and its allies led by Russia, known as the OPEC+ group, agreed on Sunday to extend most oil production cuts until 2025, but left room to gradually cancel the voluntary cuts by eight members, starting in October. Source: National Iraqi News Agency