Oil prices are falling after reports hinting at an increase in supply

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Oil prices fell in early trading on Wednesday after reports hinting that the global supply of crude is growing out of demand, thus creating a glut.

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On Tuesday, the International Energy Agency said that its expectations indicate the growth of oil production around the world, led by the “OPEC” alliance, the United States, Brazil, and Canada, exceeding the volume of demand.

By 07:19 (GMT), the prices of Brent crude futures for February delivery fell 1.23 percent, or 91 cents, to $72.79 a barrel.

The prices of US West Texas Intermediate crude futures for January delivery also fell by 1.46 percent, or $1.03, to $69.72 a barrel.

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The “Omicron” mutator is still having negative repercussions on global markets, some of which have re-imposed restrictions on crossings, markets and travel movement, which puts pressure on any recovery in oil prices.