New York oil prices shift lower in four days on oversupply concerns

New York oil prices fell for the first time in four trading days on concerns over global oversupply.

On the New York Mercantile Exchange on the 12th, West Texas Intermediate for January delivery closed at $70.02 a barrel, down $0.27 and 0.38% from the previous session.

Brent crude oil for February delivery, which is subject to international market comparisons, closed at $73.41 a barrel, down $0.11 and 0.15% from the previous session.

Oil prices have been dragged down by the International Energy Agency (IEA) forecasting that the crude oil market will face an oversupply of 1.4 million barrels per day next year even if major oil producers delay production.

However, the fall in oil prices was reduced after reports that the Israeli Air Force was continuing to prepare for a potential attack on Iran's nuclear facilities.