Oil slips 2.4% on oversupply despite trade optimism

Crude oil prices fell for a second day, with Brent down 2.4% at $77.40 per barrel amid surging U.S. output and tepid OPEC+ cuts. Weekly EIA data showed U.S. production at record 13.5 million bpd, offsetting Middle East supply restraints. Analysts expect short-term range trading between $75 and $80 as global demand moderates post-summer. Oil equities declined across Europe and Asia, while refiners benefited from lower feedstock costs ahead of winter fuel demand.