Oil prices fall by more than 1% due to fears of oversupply

Retracted Crude stocks increased by 5.2 million barrels to 421.2 million barrels, compared to expectations for an increase of 0.6 million barrels.
While gasoline stocks fell by 4.7 million barrels, exceeding expectations of a decline of 1.1 million barrels.
With regard to supply, the port commented "Tuapse" Russian fuel exports, and its refinery stopped after Ukrainian drone attacks.

While Kazakhstan’s oil production fell by 10% to 1.69 million barrels per day, but it is still higher than its share in the OPEC Plus agreement.
The OPEC Plus alliance had agreed to increase production by about 137 thousand barrels per day in December, with any additional increases suspended in the first quarter of 2026.

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