Brent under pressure from oversupply concerns, economic slowdown

Brent futures reversed lower in American trade on Tuesday after marking gains in Europe, with prices extending their losses for another session on oversupply concerns as OPEC, Russia raise productions, and amid warnings from economic slowdown and weak demand around the globe. 

As of 13:05 GMT, Brent declined to $72.80 a barrel from the opening of $72.92, with an intraday high at $73.37, and a low at $72.69. 

Brent closed down 0.1% yesterday, the second loss in the last three days on oversupply concerns. 

Oil prices shed 3.5% last week, the third weekly loss in a row on renewed concerns about US oversupplies. 

US President Donald Trump's administration is keeping the pressure on Iran and threatening more sanctions if the nuclear program wasn't completely relinquished, with US restrictions on Iranian oil supplies going into effect next November. 

To compensate shortages from Iran, OPEC partnered with Russia to raise production starting from July by a million bpd.

On another note, finance ministers and central bank governors from the Group of 20 convened in Buenos Aires in the weekend, calling for negotiations and talks between global powers to prevent political and trade tensions that harm economic growth.