Doha: Oil prices fell to their lowest levels in five months on Wednesday, amid mounting concerns over a potential supply glut in 2026. Brent crude futures settled down 48 cents, or 0.8%, at US$ 61.91 per barrel, while West Texas Intermediate (WTI) fell 43 cents, or 0.7%, to close at US$ 58.27.

According to Qatar News Agency, the decline follows a report by the International Energy Agency (IEA) warning that global oil markets could face a surplus of up to four million barrels per day next year-significantly higher than previously projected.