Brent crude oil prices weakened again in tonight's trading, hovering around $61 per barrel and approaching their lowest level since October. This decline puts Brent on track for a weekly loss of around 3-4%, extending the sluggish trend that has persisted for the past few weeks. Throughout 2025, Brent has fallen nearly 18% compared to last year, making it one of its worst annual performances since 2020.

The main pressure comes from concerns about oversupply in the global market and weakening demand signals, particularly from economic data and US oil inventories. Several institutions, including the US Energy Agency, project that the oil market will face a surplus in the next few years, with prices likely to decline from their levels at the end of this year. At the same time, hopes for progress in Russia-Ukraine peace talks have also fueled expectations that Russian oil supplies could flow more smoothly, adding to price pressure.

However, the market is not completely calm. Recent tensions between the US and Venezuela, including the seizure of a sanctioned tanker, have raised concerns about supply disruptions and triggered a short-term rebound. However, these geopolitical factors have so far been outweighed by concerns about oversupply and weak demand, so any price increases tend to be quickly exploited for profit-taking and have not been enough to reverse Brent's short-term downtrend. (Cay)

Source: Newsmaker.id