Brent crude oil futures traded below $65 per barrel on Thursday, holding losses from the previous session amid rising concerns over a global oil oversupply.
Key oil producer Saudi Arabia is pushing for a significant increase in OPEC+ output at least 411,000 barrels per day in August, and possibly in September in a bid to capture market share during peak summer demand.
The kingdom also cut its July crude prices for Asian buyers to near four-year lows, signaling softer demand from the region. While official US data showed a decline in crude inventories, gasoline and distillate stockpiles recorded a larger-than-expected build last week, further weighing on prices.
Meanwhile, investors remain cautious about the broader economic impact of ongoing trade war, as Canada prepared potential retaliatory measures and President Trump described Chinese President Xi Jinping as particularly difficult to negotiate with.
WTI crude oil futures traded below $63 per barrel on Thursday, holding losses from the previous session amid rising concerns over a global oil oversupply.
Key oil producer Saudi Arabia is pushing for a significant increase in OPEC+ output at least 411,000 barrels per day in August, and possibly in September in a bid to capture market share during peak summer demand.
The kingdom also cut its July crude prices for Asian buyers to near four-year lows, signaling softer demand from the region. While official US data showed a decline in crude inventories, gasoline and distillate stockpiles recorded a larger-than-expected build last week, further weighing on prices.
Meanwhile, investors remain cautious about the broader economic impact of ongoing trade war, as Canada prepared potential retaliatory measures and President Trump described Chinese President Xi Jinping as particularly difficult to negotiate with.
Source: Trading Economi
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