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2025-12-12 16:56:43
[Oil Prices Rise but May Close Significantly Lower This Week; Market Focuses on Geopolitical and Supply/Demand Outlook] ⑴ Oil prices rose on Friday, but are likely to see a significant drop this week. The market is focused on diplomatic efforts to end the Russia-Ukraine conflict, and overall bearish fundamentals suggest a supply glut next year. ⑵ Brent crude rose 0.5% to $61.59 per barrel, and West Texas Intermediate crude rose 0.6% to $57.77 per barrel. However, both benchmark crudes fell 2.6% and 3.2% respectively this week. ⑶ Negotiations between Russia and Ukraine are expected to be the main focus of the market next week, while traders are also watching the escalating tensions between the US and Venezuela. ⑷ The International Energy Agency stated that the market's estimated supply glut has narrowed, but a large supply surplus continues to cast a shadow over the outlook. OPEC's supply and demand forecasts, on the other hand, indicate a relatively balanced market next year. ⑸ ANZ analysts noted: "This is a sharp reversal from the earlier outlook this year, which suggested a tighter market."
