Doha: Oil prices slipped on Wednesday by nearly one percent, pressured by oversupply in the market. Brent crude futures fell 60 cents, or 0.9 percent, to $64.56 a barrel by 10:07 GMT, after rising 1.7 percent on Tuesday. U.S. West Texas Intermediate (WTI) crude dropped 62 cents, or about 1 percent, to $60.42 a barrel, following a 1.5 percent gain in the previous session.

According to Qatar News Agency, the recent decline in oil prices was primarily influenced by an oversupply in the global market. This oversupply has exerted downward pressure on prices, reversing gains made earlier in the week. The fluctuations in oil prices reflect the ongoing volatility in the energy markets, impacted by varying levels of production and demand.