WTI crude oil futures experienced a decline, approaching $60 per barrel, primarily due to persistent concerns regarding oversupply in the global market. This bearish sentiment overshadowed some easing of geopolitical risks and potential supply-side constraints.
- WTI crude oil futures fell toward $60 per barrel.
- Global oil supply is expected to significantly exceed demand this year, according to the IEA.
- US crude inventories rose by around 3 million barrels last week.
- President Trump delayed tariff measures against Europe.
- Force majeure at a Kazakh oilfield could keep production offline.
- Weak Venezuelan exports pointed to a slow recovery in output.
The information indicates a downward pressure on oil prices. Abundant supply and rising inventories are key factors contributing to this bearish outlook, outweighing positive developments such as easing geopolitical tensions and supply disruptions in certain regions. This suggests that oil prices may struggle to maintain their value in the short term.