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Oil prices experienced a minor decline on Tuesday as supply worries showed signs of easing. The Energy Information Administration (EIA) adjusted its projections for 2024 global oil and liquid fuels production, indicating a well-stocked market. 

Contrary to previous forecasts of undersupply, the latest outlook suggests a balanced scenario.

In Tuesday's trading, oil prices received a modest boost from the US government initiative to purchase over 3 million barrels of oil for the Strategic Petroleum Reserve (SPR). This move cushioned the market from steeper drops.

Brent futures decreased by 17 cents to settle at $83.16/barrel.

WTI fell by 10 cents to settle at $78.38/barrel.