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2025-10-30 21:34:25
[WTI Crude Oil Falls Below $60 Mark] ⑴ WTI crude oil futures fell below $60 per barrel on Thursday, continuing the pullback since hitting a two-week high of $62 on October 23. ⑵ The market is refocusing on the oversupply situation. ⑶ However, subdued demand expectations and a surge in supply from major oil-producing countries maintain the consensus that the oil market will remain oversupplied into next year. ⑷ OPEC+ countries will confirm a production increase of 137,000 barrels per day in December to continue their efforts to regain market share. ⑸ This is consistent with the surge in production shown by US and North Sea operators. ⑹ This week, offshore tanker storage rose to a record high of 1.4 billion barrels, exacerbating expectations of global inventory growth.
