Oil prices fell over 1% on Tuesday due to OPEC+’s decision to pause output hikes in the first quarter, weak manufacturing data, and a stronger dollar. Brent crude futures dropped 1.2% to $64.13 a barrel, while U.S. WTI crude fell 1.3% to $60.24 a barrel. Analysts are concerned about oil demand as poor manufacturing PMIs continue.

OPEC+ agreed to a small oil output increase for December and a pause in increases for the first quarter of next year. The boost to oil prices from U.S. sanctions on Russian energy companies Lukoil and Rosneft is fading. Additionally, a stronger dollar near a three-month high and Japan’s shrinking manufacturing activity are impacting the market.

The market awaits the latest U.S. inventory data from the API, with expectations of a rise in crude oil stockpiles. A divided Federal Reserve on potential rate cuts in December and a stronger dollar making assets more expensive are influencing market dynamics. Market participants are closely monitoring these factors for future trends in oil prices.

Read more at finance.yahoo.com: Oil slips on oversupply concerns, stronger dollar