Oil prices fell, extending losses from the previous session of more than 1%, after the International Energy Agency warned of an oil oversupply in 2026.
During Wednesday's trading, Brent crude futures for December delivery fell 0.25%, or 16 cents, to $62.23 a barrel.
US WTI crude futures for November delivery also fell 0.2%, or 12 cents, to $58.58 a barrel.
The International Energy Agency said on Tuesday that the global oil market could face a supply surplus of up to 4 million barrels per day over the next year, a level exceeding its previous forecast, as demand continues to slow.
The American Petroleum Institute's report on US oil inventories is expected later today, ahead of the official data release from the US Energy Information Administration on Thursday. Both reports were delayed by one day due to the Columbus Day holiday last Monday
