NEW YORK: Oil prices fell more than three per cent on Tuesday, hitting their lowest level in six months amid growing concerns of oversupply and new US economic data signalling softer demand in the coming months.

Brent crude futures for February fell $2.90, or 3.8pc, to $73.13 per barrel by 1700 GMT and traded as low as $73.08, the lowest since June. US West Texas Intermediate crude for January slipped $2.79, or 3.91pc, to $68.53.

Global oil demand growth is set to slow in 2024 with Opec and the International Energy Agency split on the extent. Meanwhile, a recent Opec+ deal to limit supply underwhelmed the market.­

Published in Dawn, December 13th, 2023