Muscat: Oil prices fell for a second consecutive session today amid growing concerns over a potential supply surplus, driven by rising crude and fuel inventories. Brent crude futures were down 13 cents, or 0.21%, at $62.32 a barrel, after falling 1.1% in the previous session. US West Texas Intermediate crude lost 12 cents, or 0.20%, to trade at $58.52 a barrel, after dropping 1.2% on Tuesday.

According to Oman News Agency, the American Petroleum Institute reported that US crude and fuel inventories rose last week. The increase in inventories has sparked fears of a supply glut, putting downward pressure on oil prices. Traders and analysts are closely monitoring inventory levels, as they play a crucial role in determining the balance between supply and demand in the global oil market.