LONDON (IT BOLTWISE) – Brent and WTI oil prices have fallen to new lows, indicating continued oversupply despite geopolitical tensions. The price of a barrel of Brent fell to $60.62, while WTI was quoted at $56.89. The expected recovery in demand from China did not materialize, putting further pressure on the market.
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Recent developments in the crude oil market have led to a significant decline in oil prices. Both Brent and WTI are making new lows, indicating continued oversupply. Despite geopolitical tensions, particularly in connection with the Ukraine conflict, prices could not be stabilized. The price for a barrel of North Sea Brent fell to $60.62, while the US WTI was quoted at $56.89.
Hopes for a recovery due to increased demand from China in November have not been fulfilled. The expected market-stimulating effect did not materialize, which further increased the pressure on prices. Experts expect the oversupply to continue both this year and next, which could lead to a significant annual loss.
Geopolitical factors, such as the ongoing tensions in the Ukraine conflict, have only a limited influence on price developments. Despite diplomatic efforts led by Volodymyr Zelensky and a US delegation led by Steve Witkoff, there has been no significant impact on oil prices. Russia’s role as a major oil producer underscores the region’s importance to the global crude oil market.
The current market situation shows that geopolitical developments alone are not enough to stabilize prices. The combination of oversupply and weak demand recovery poses a challenge for the market. Analysts warn of further price declines if effective measures are not taken to stabilize the market.
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