Oil prices rise amid oversupply and sanctions concerns
after close1 source ↓written by the desknot a recommendation
- to settle just
- 0.3%
- per barrel
- $59
- drop on Wednesday
- 4.2%
- expected next year
- 4 million barrels per day
- last week
- 6.4 million barrels
Oil prices rebounded slightly, with West Texas Intermediate rising 0.3% to settle just below $59 per barrel after a 4.2% drop on Wednesday. The International Energy Agency reported a record surplus of over 4 million barrels per day expected next year, while US crude inventories increased by 6.4 million barrels last week, the largest rise since July. 📈
Traders are weighing these supply risks against the backdrop of US sanctions, which could further impact market dynamics.
Not investment advice. For informational purposes only.