The crude oil market, while overshadowed by USD trends and US election sentiments, warrants close monitoring due to significant implications for global economic dynamics.
The International Energy Agency's report indicating a looming 1-million-barrel glut in 2025 confirms existing concerns, as demand in major economies like China, the US, and Japan drops.
With Brent futures nearing critical technical levels at $70.72, any break below may signal heightened risk for crude prices, pushing prospects for further decline.
OPEC+ is currently operating below capacity, eager to ramp up production, yet faces severe constraints due to diminishing demand in an oversupplied market.
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