Oil prices drifted lower on Tuesday on oversupply concerns as OPEC+ moved ahead with another large output hike despite a weak demand outlook, more than offsetting the potential for tighter Russian oil trade due to U.S. policies.
Brent crude futures dipped 11 cents, or 0.16%, to $68.65 a barrel by 0424 GMT. U.S. West Texas Intermediate crude was down 12 cents, or 0.18%, to $66.17 a barrel.
It was the fourth consecutive decline for both contracts, which fell by more than 1% in the previous session to settle at their lowest in a week.
Both benchmarks have receded because extra capacity from OPEC+ is acting as a buffer for any shortcomings in Russian barrels, said Priyanka Sachdeva, a senior market analyst at Phillip Nova.
The Organisation of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September.
