Oil extends losses after easing supply concerns counter Middle East risk premium; Brent at $82/bbl

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₹6,597 per barrel on the multi commodity exchange (MCX). -Current inventory data shows crude oil and petroleum supplies are running 1.1 million barrel per day above forecasts in countries that are part of the Organisation For Economic Co-operation and Development, according to an analysis by energy brokerage StoneX. -Analysts said that crude traders seem to have developed a higher tolerance for geopolitical risk in the Middle East and its potential to disrupt the global oil supply.

Instead, their focus appears directed towards the uncertainties surrounding global economic growth prospects and the anticipated impact of sluggish growth on oil demand. -A stronger US dollar also weighed on oil prices, making crude more expensive for traders holding other currencies. Oil prices found some support after the US Department of Energy announced solicitations for up to 3.3 million barrels of oil for replenishment of the country's Strategic Petroleum Reserve.

-The US Energy Information Administration will post its monthly short-term energy outlook on Tuesday. Its weekly update on stockpiles is due on Wednesday. US crude oil and product stockpiles were expected to have fallen last week.