World oil prices weakened and headed for a second weekly decline. Market concerns about oversupply are considered greater than potential distribution disruptions. West Texas Intermediate (WTI) crude is trading near US$56 per barrel and has fallen more than 2% this week, while Brent crude closed below US$60 per barrel in trading on Thursday.
Several of the world's largest oil traders believe the market will be oversupplied by early next year. Energy trading firm Trafigura even predicts Brent prices will hover around US$50 per barrel until mid-2026, as global supply continues to be abundant.
So far this year, oil prices have fallen by around 20%. This decline was triggered by the OPEC+ decision to return supplies to the market earlier than expected, coupled with increased production from other producing countries. Meanwhile, global demand growth is considered to remain weak.
However, geopolitical risks have temporarily prevented further price declines. Tensions over supply from Russia and Venezuela are a concern for the market. Most recently, the UK imposed sanctions on three smaller Russian oil producers, amidst US-mediated peace efforts between Moscow and Kyiv that remain elusive. (az)
Source: Newsmaker.id
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