Oil prices stabilized after hitting a 5-month low. WTI hovered near $59/barrel and Brent around $62, indicating the market remains hesitant after the previous sharp decline.
The IEA predicts an unprecedented oversupply: by 2026, global supply could exceed demand by ~4 million barrels per day. This glut outlook weighed on sentiment, and some Wall Street banks see a return to the $50s.
On the geopolitical front, US–China tensions have flared again: Beijing imposed sanctions on the US unit of a Korean shipping giant, sparking fears of retaliation. However, USTR Jamieson Greer believes export tensions could ease after the latest talks—mixed signals that have kept volatility high.
Oil performance has weakened in August–September, and WTI has fallen about 18% year-to-date. This morning in Singapore, WTI Nov was at $58.72, while Brent Dec closed down 1.5% at $62.39. Market focus: Confirmation of demand vs. supply data and the direction of future trade negotiations. (asd)
Source: Newsmaker.id
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