US EditionOil Prices Drop Amid Oversupply and Ukraine Peace Optimism
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5 Articles
Surging oversupply pushes global oil prices to lowest levels since 2020
Oil prices are now slumping to their lowest point since the 2020 pandemic crash. Brent crude crashed below $60 per barrel and dropped over 2% today, while West Texas Intermediate (WTI) is barely holding above $53, according to data from Google Finance as of press time. This is the second week in a row of losses for the oil market, and every major trader is betting on this surplus sticking around. Trafigura Group even expects Brent to stay stuck …
Oil prices drop amid oversupply and Ukraine peace optimism
Oil prices declined on Friday, marking the possibility of a second consecutive weekly drop, as expectations of a global supply surplus and prospects of a Russia-Ukraine peace agreement tempered concerns over disruptions from Venezuelan oil exports. By 0915 GMT, Brent crude futures had decreased by 17 cents, or 0.28%, reaching $59.65 per barrel. U.S. West Texas Intermediate (WTI) crude fell 31 cents, or 0.55%, to $55.84 per barrel. Over the cours…
The strengthening prospect of peace between Russia and Ukraine overshadowed concerns about supply disruptions originating from Venezuela. With a global supply surplus and weak demand expectations, oil prices closed lower for the second consecutive week.
Oil prices fell slightly on Friday and the market is poised to close for a second consecutive week of declines, as growing chances of a peace deal between Russia and Ukraine outweigh concerns about supply disruptions due to a blockade of Venezuelan tankers. This is reported by the agency...
WTI Oil Slides Near $56 on Ukraine Peace & Supply Risks
The price of West Texas Intermediate (WTI) — the primary benchmark for US crude — fell to as low as $56 a barrel during Asian trading on Thursday. The decrease in WTI oil prices is being driven mainly by a new wave of optimism that Russia and Ukraine may be nearing a peace agreement. If the relationship […] The post WTI Oil Prices Drop to Near $56 as Prospects for Supply Rise on Ukraine Peace Talks appeared first on XtremeMarkets.
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