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2025-12-03 11:29:03
[International Oil Prices Remain Under Pressure as Demand Concerns Outweigh Geopolitical Risks] 1. During Wednesday's Asian session, international oil prices fluctuated narrowly. US crude oil is currently trading around $58.61 per barrel, not far from the near one-month low reached last week. Market concerns about weak global demand and oversupply dominated trading sentiment, offsetting potential supply risks from the Russia-Ukraine peace talks. 2. Despite continued geopolitical tensions, fundamental pressures are more significant. The Kremlin confirmed on Wednesday that Russian President Vladimir Putin held lengthy talks with US President Donald Trump's special envoy, but failed to reach a compromise on a peace agreement to end the war. The market is watching the outcome of the negotiations to determine whether sanctions against Russian oil companies will be lifted, thereby releasing more supply into the market. 3. Meanwhile, data from the American Petroleum Institute showed that US crude oil and refined product inventories increased more than expected last week, exacerbating market concerns about oversupply. Official inventory data from the US Energy Information Administration will be released later, and investors are closely watching it. 4. Analysts point out that despite concerns about a failed negotiation, persistent worries about oversupply and weak demand are putting pressure on oil prices. Oil prices need to hold the key support level of around $55 per barrel to avoid a deeper decline. 5. Analysts also note that the market focus has shifted from geopolitical risk premiums to questions about the sustainability of oil demand amid an economic slowdown. Unless there are significant supply disruptions or signs of demand recovery, oil prices are likely to remain under pressure in the short term.
