"Crude oil prices were rebounding today, with West Texas Intermediate (WTI) trading near USD 60 per barrel, following several sessions of declines. The broader trend could remain weak, as both benchmarks are on track for a second consecutive weekly loss. Persistent concerns about a global supply glut could continue to weigh on the market. OPEC+ production ticked higher, amid strong output growth from non-OPEC producers such as the US and Brazil. This reinforces fears that supply is outpacing demand."
"Sentiment worsened after recent data showed a surprise build in US crude inventories, which rose by 5.2 million barrels due to higher imports and lower refining activity. Furthermore, Saudi Arabia cut its December crude prices for Asian buyers, signalling a well-supplied market. Simultaneously, demand signals are soft amid worries about global growth and fuel consumption. A softening US labour market and a stronger dollar have kept sentiment cautious."
Crude oil prices rebounded with WTI near USD 60 per barrel after several sessions of declines, but both benchmarks are set for a second consecutive weekly loss. OPEC+ production ticked higher while non-OPEC output grew strongly in the US and Brazil, reinforcing fears of a global supply glut that may outpace demand. US crude inventories unexpectedly rose by 5.2 million barrels due to higher imports and lower refining activity. Saudi Arabia cut December crude prices for Asian buyers, signaling a well-supplied market. Demand signals are soft amid weaker global growth prospects, a softening US labour market, a stronger dollar, and a government shutdown.
Read at London Business News | Londonlovesbusiness.com
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