usa crude oil market lit up with a red light for the first time in nine months: warning of oversupply sounded!
The global oil market once again sends a warning signal of oversupply, with an important indicator in the usa crude oil market — the prompt price difference falling to a negative value for the first time.
Oil Steady After Biggest Gain in Over Five Weeks on Weak Dollar
Crude Oil Ticks up as Russia-Ukraine Tensions Intensify, yet Bearish Undertone Persists
IEA: Crude oil demand growth in 2024 may be halved, with a surplus of over one million barrels of crude oil expected every day next year.
In terms of demand, the IEA expects that this year, global oil consumption will increase by 0.92 million barrels per day, which is less than half of the growth rate in 2023. By 2025, demand will grow by 0.99 million barrels per day. However, the IEA predicts that supply growth will continue, with production from countries such as the usa, Brazil, Canada, and Guyana increasing by 1.5 million barrels per day this year and next.
WTI Crude's Bounce Not Enough To Break Bearish Bias, Says RHB
Crude Oil Trades Stuck at $68 Level Ahead of API Stockpile Data
