Multiple Bearish factors pressure oil prices, with international Crude Oil Product hitting a new low in nearly six months.
The overall trend of Crude Oil Product is showing a low-level fluctuation. The average price of WTI this week is $66.67 per barrel, down $1.94 per barrel from the previous week, or -2.82%. During the week, factors putting pressure on oil prices include: expectations for an increase in OPEC crude oil supply and rising investor concerns about the economic and Energy demand outlook. On the other hand, factors supporting oil prices include: technical rebound support and a decrease in US refined oil inventories.
Oil Falls Over 1% As Tariff Worries
Oil Futures Retreat As Tariff Battles Drag On -- Market Talk
IEA monthly report: Trade conflicts weaken oil demand, while OPEC+ increases supply.
The IEA stated that this year, Global oil supply could exceed demand by about 0.6 million barrels per day, and last week's OPEC+ decision to start increasing oil supply might add another surplus of 0.4 million barrels per day. The IEA has lowered its forecast for Global oil demand growth in 2025 to 1.03 million barrels per day and warned that trade conflicts could further worsen the market outlook.
Oil Prices Creep Lower After Rebounding Past $70; Recession, Oversupply Jitters Pe
Oil Prices Jump 2% On Tighter US Supplies, But Tariff Worries Persist
