Around 13:15 in Lisbon, North Sea crude oil, the European benchmark, was trading at $62.14, down 1.9% from Monday’s $63.32.
WTI crude, the U.S. benchmark, also fell over 2%, trading at $58.21.
This morning, the IEA released its latest monthly report, forecasting a slowdown in consumption growth, while noting a “massive” increase in crude oil production in September, primarily due to increased supply from OPEC+ member countries.
The October report published on Monday by OPEC indicated that the organization, along with Russia and other smaller producers, collectively known as OPEC+, increased crude oil extraction in September in line with previously agreed production hikes.
In contrast to the IEA, OPEC maintains its forecast for global oil demand growth both for this year and for 2026.
Additionally, analysts noted at the end of last week, when oil also saw declines in international markets, that the ceasefire agreement in Gaza reduced geopolitical risk.
