US EditionOil climbs 2pct as price drop triggers buying; oversupply worries weigh
- Oil prices climbed about 2.8% on Tuesday after six straight sessions of decline, rebounding in key global markets including Brent and WTI.
- The rebound followed a steep price drop driven by OPEC+ decisions to accelerate production hikes amid concerns of oversupply and trade tensions.
- Supporting factors included the return of Chinese buyers after a five-day public holiday and data showing stronger-than-expected growth in the U.S. Services sector.
- Market strategist Yeap Jun Rong suggested that the modest uptick in oil prices is driven more by market mechanics than by changes in underlying supply and demand, while senior analyst Priyanka Sachdeva observed that buyers likely took advantage of the low prices amid China’s reopening.
- Despite the rebound, analysts caution that persistent headwinds including production increases, tariff-related demand uncertainty, and downgraded forecasts suggest continued price volatility.
12 Articles
12 Articles
Oil climbs 2pct as price drop triggers buying; oversupply worries weigh
LONDON: Oil gained more than US$1 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down the previous session, although concerns about a market surplus persisted. © New Straits Times Press (M) Bhd
Oil climbs 3% as price drop triggers buying; oversupply worries persist – Oil & Gas 360
(Investing) – LONDON -Oil gained more than $1.50 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down in the previous session, although concerns about a market surplus persisted. Brent crude futures were up $1.80, or 3%, to $62.03 a barrel by 1310 GMT, the first gain after six consecutive declines, while U.S. West Texas Intermediate crude added $1.81, or 3.2%, to $58
Oil climbs nearly 3% as price drop triggers buying and oversupply worries
Oil gained more than $1.50 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down the previous session, although concerns about a market surplus persisted. Brent crude futures rose $1.57, or 2.6%, to $61.80 a barrel by 1031 GMT, the first gain after […]
Oil rebounds as OPEC+ sparks market shake-up
After a steep decline that pushed oil prices to their lowest levels since 2021, the market is showing signs of recovery. Recent decisions by OPEC+ to accelerate output increases have introduced new dynamics, creating both challenges and opportunities for investors. On Tuesday, oil prices experienced a notable rebound, with Brent crude rising by 2.6% to \$61.80 per barrel and U.S. West Texas Intermediate (WTI) increasing by 2.7% to \$58.66 per ba…
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