Oil prices edged higher but remained on track for a second weekly decline. West Texas Intermediate (WTI) briefly approached $60 per barrel, while Brent held steady around $63 on Thursday. However, both are still headed for a weekly decline of around 2%.
The trigger is rising global supply. OPEC+ production rose slightly after several key members resumed supply, coupled with increased output from Brazil and the US. WTI has weakened by around 17% so far this year. Last month, the International Energy Agency (IEA) also predicted that next year's oversupply would reach a record, even greater than previously projected. This abundant supply mitigates the impact of disruptions to Russian oil flows to India and China due to US sanctions.
Market indicators also point to supply concerns. The prompt spread between the nearest and the following month's WTI futures contract has continued to narrow in recent weeks, approaching its February low. This narrowing indicates that the market perceives increasingly loose supply conditions, allowing downward pressure on prices to continue. (az)
Source: Newsmaker.id
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