Ammon News - 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.

The rising supplies are coupled with concerns about demand, with some analysts expecting faltering economic growth in the second half of the year.

Traders are also awaiting any developments on the latest U.S. tariffs on its trading partners, which analysts fear could slow economic growth and dampen fuel demand. Reuters