Brent crude oil futures fell to $64.2 per barrel, extending a 0.7% loss in the previous session as concerns over oversupply and weak demand weighed on sentiment.
Data from the American Petroleum Institute showed US crude inventories surged by 6.5 million barrels last week, the largest build since July, while fuel stockpiles declined.
Prices have come under pressure amid rising production from both OPEC+ and non-member countries, fueling fears of a global glut.
OPEC+ recently agreed to a small output increase for December but plans to pause hikes in early 2026, signaling awareness of weakening demand.
Meanwhile, India’s Reliance Industries sold a shipment of Iraqi oil to Europe, raising questions amid tighter US sanctions on Russia’s top oil firms. Additionally, disappointing manufacturing PMIs from Asia and the US highlighted slower industrial activity, further dampening the demand outlook.