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2025-10-20 09:58:45
Oil prices are slightly under pressure, dragged down by concerns about a global oversupply. 1. Oil prices fell on Monday, driven by concerns about a global oversupply and escalating Sino-US trade tensions, fueling further concerns about an economic slowdown and weakening energy demand. 2. Brent crude futures are currently down 0.6% at $60.94 per barrel, while West Texas Intermediate (WTI) crude futures are also down 0.54% at $56.84 per barrel, erasing Friday's gains. Both crude futures fell over 2% last week, marking their third consecutive week of declines. 3. The International Energy Agency predicts that global oversupply will worsen by 2026, with increased production from oil-producing countries further exacerbating market concerns. Fujitomi Securities analyst Toshitaka Tazawa noted that oversupply and expectations of an economic slowdown triggered by escalating Sino-US trade tensions are driving selling pressure on oil prices. 4. Furthermore, US pressure on Russian crude oil buyers is adding to market uncertainty. Despite the upcoming summit between US President Trump and Russian President Vladimir Putin, market sentiment remains cautious, limiting investors' willingness to adjust their positions. 5. At the same time, the United States and Europe are putting pressure on Asian buyers of Russian energy, which may curb India's oil imports from December, and the Asian giant may therefore obtain lower-priced oil supplies. The Behewes report showed that the number of oil and gas rigs in the United States increased for the first time in three weeks last week, suggesting active supply.
