NEW YORK / LONDON (IT BOLTWISE) – Oil prices are under renewed pressure as global oversupply is expected. The North Sea variety Brent and the US variety WTI are recording price declines, while the International Energy Agency points to oversupply. OPEC+ has also decided to increase its supply, which could further influence prices.
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Current developments on the oil market show a clear downward trend in crude oil prices. A barrel of North Sea Brent for delivery in December currently costs $60.77, down 24 cents from the previous day. The price for a barrel of the US WTI variety for delivery in November also fell by 29 cents to $57.23. These price movements reflect market expectations of a large global oversupply of crude oil.
The International Energy Agency recently adjusted its forecasts, confirming that oversupply could weigh on markets. This assessment is reinforced by the recent decisions of the Opec+ oil cartel, which has decided to increase its supply. These measures could put further pressure on prices as supply exceeds demand.
A study by US bank Citigroup predicts that the price of oil could fall to $50 a barrel if the Ukraine conflict eases. These geopolitical developments play a crucial role in price formation in international markets. The recent talks between Trump and Putin about a possible meeting in Budapest could be important in this context, even if no specific date has been set yet.
The oil market is known for its volatility, which is influenced by geopolitical tensions and economic factors. The current situation shows how sensitive prices react to changes in supply and demand. Analysts are closely monitoring developments to assess possible impacts on the global economy and energy prices. The coming months could be crucial for further price developments, especially if geopolitical conflicts ease.
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