Crude oil futures have rebounded slightly following prior losses, driven largely by ongoing geopolitical tensions in Eastern Europe, particularly concerning Russia. While President Putin has offered conditional support for a ceasefire, the potential for a swift resolution seems unlikely, which may keep Russian oil supplies constrained. Concurrently, the International Energy Agency has revised its outlook for surplus oil in 2025, predicting an increase of 600,000 barrels per day due to higher supply and reduced demand. Adding complexity to the market, new US sanctions on Iranian oil threaten to diminish exports, potentially tightening global supply.
Crude oil futures are seeing some recovery as geopolitical tensions in Eastern Europe continue, though uncertainties around Russian oil supplies and global demand are complicating the market.
The IEA has adjusted its forecast for 2025, predicting a surplus of 600,000 barrels per day, which reflects increased supply alongside declining global demand.
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