Energy Preview: WTI crude oil holds under $59.95 per barrel

WTI crude oil edges under $60 per barrel mark on Tuesday morning in Asia amid growing supply concerns. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced earlier this month that the group will raise production by 137,000 barrels per day (bpd) in December but will then pause the production hikes in the first quarter (Q1) next year, fueling fears of a global glut. The counter is currently trading lower by 0.30% at $59.95 per barrel. Meanwhile, American Petroleum Institute (API) weekly crude oil stock report and the OPEC monthly oil market report for November, to be released on Wednesday will be keenly watched.

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