SINGAPORE: Global oil prices declined on Tuesday, with Brent crude and US West Texas Intermediate (WTI) futures heading for their first decline in nearly a week.
By 0329 GMT, Brent crude futures had fallen by $1.30, or 1.2%, to $105.35 a barrel. Meanwhile, US WTI crude futures dropped by $1.25, or 1.3%, to $92.49 a barrel.
In the previous trading session, both benchmarks had gained nearly $2 a barrel. Brent crude also settled at its highest level since September 15.
Market analysts said the prospect of additional diesel supplies from Russia could help ease pressure on global fuel supplies. The potential increase in availability may also reduce some of the supply-related concerns that have supported crude oil prices in recent days.
Meanwhile, ministers from OPEC member countries and participating non-OPEC countries under the Declaration of Cooperation have raised concerns over a sharp increase in shipping and insurance costs.
According to the ministers, these costs have surged to unprecedented levels, exceeding one-third of the value of the commodities being transported. The increase is making the transportation of crude oil and petroleum products more expensive and hampering the efficient movement of supplies.
