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Oil Prices Edge Lower on Supply Glut ConcernsWashington, 5 Jan 2026 (ONA) — Oil prices were moving lower today after
oil-producing countries in the OPEC+ group decided on the weekend to
keep output unchanged through the first three months of the year.
Concerns over sluggish demand in China, a stronger dollar and the
prospect of a production revival in Venezuela also weighed on prices.
Benchmark Brent crude futures fell over 1% to $60.13 a barrel, while
WTI crude futures were down 1% at $56.73.
OPEC+ agreed to maintain stable oil production at its meeting on
Sunday, despite falling oil prices on fears of oversupply.
The eight countries – Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait,
Iraq, Algeria, and Oman – had previously raised their production
targets by 2.9 million barrels per day from April to December 2025,
which is almost 3% of global oil demand.
— Ends/Khalid