Oil Nudges Down as Supply Pressures Continue

Oil nudges down arsenic traders adjacent retired a twelvemonth successful which oversupply fears pushed the commodity lower, contempt ongoing geopolitical tensions.

Brent crude is down 0.35% astatine $61.12 a barrel, portion WTI falls 0.4% to $57.74 a barrel. Oil prices rallied earlier this period aft the U.S. announced a blockade connected Venezuelan lipid exports and connected uncertainty that Russia-Ukraine bid talks would carnivore fruit.

However, advances successful those talks reduced geopolitical premium, portion oversupply concerns persist. Brent crude is down implicit 18% for the year, portion WTI has dropped conscionable shy of 20% successful 2025.