Doha: Oil prices fell at settlement on Monday, extending recent declines amid expectations of a global surplus in 2026. Brent crude futures dropped 56 cents, or 0.9 percent, to close at $60.56 a barrel. US West Texas Intermediate (WTI) crude futures fell 62 cents, or 1.08 percent, to settle at $56.82 a barrel.

According to Qatar News Agency, both benchmarks have lost more than 4 percent in recent days, pressured by forecasts of oversupply in the coming year. The anticipated surplus is expected to significantly impact the oil market, influencing prices and production strategies globally. Analysts are closely monitoring the situation, as the potential oversupply could alter the dynamics of oil-dependent economies and industries.