Doha: Oil prices fell by more than 1% Tuesday, as increased output from OPEC+ and concerns over weakening global demand outweighed worries about threats by US President Donald Trump to India over its purchases of Russian oil. Brent crude futures dropped 82 cents, or 1.2%, to $67.94 a barrel, while US West Texas Intermediate (WTI) crude fell 88 cents, or 1.3%, to $65.41 a barrel.

According to Qatar News Agency, both benchmarks had declined by more than 1% in the previous session, settling at their lowest levels in a week. The increased output from OPEC+ has played a significant role in easing market concerns over potential supply disruptions from Russia, which have been a point of contention in global oil markets. This development comes amid broader market apprehensions about the potential decline in global oil demand, which could further impact oil prices negatively.

The market's reaction underscores the complex dynamics at play in the global oil sector, where geopolitical tensions and production adjustments by major oil-producing nations can significantly sway pricing. The backdrop of US-India tensions over Russian oil purchases adds another layer of complexity to the current market situation.