Oil prices plummeted sharply amid expectations of abundant supplies and significant market volatility.
Oil markets are currently experiencing a sharp price decline,
driven by expectations of abundant supplies and increasing market volatility.
Topic
Price Decline
West Texas Intermediate crude has witnessed a significant drop,
falling by approximately 3% to close at around $68.50 per barrel—the lowest closing price since December 26.
The market has endured a continuous five-week decline,
with prices dipping below the 100-day moving average of roughly $71.51.
Supply Outlook
Indicators suggest a potential increase in oil flows, particularly from Iraq,
along with the possibility that the OPEC+ alliance may delay its planned supply injection of an additional 120,000 barrels per day.
The market is also facing extra pressure from a drone attack on Kazakhstan’s oil pipelines,
coupled with the impact of US tariff policies and other political measures that
have dampened demand forecasts and heightened long-term inflation concerns.
Oil prices plummeted sharply amid expectations of abundant supplies and significant market volatility