Brent oil continued to weaken on Tuesday (October 28th) due to two main pressures converging: global supply appears loose, while geopolitical risks have eased somewhat. On the supply side, market concerns remain about a large surplus due to high production from major producers and signals that OPEC+ is ready to ease output cuts, leading to concerns about stockpiles building up in the coming months.
On the risk side, tensions in the Middle East have begun to ease following progress toward a ceasefire, diminishing the "fear premium" that typically keeps oil prices high. The combination of oversupply and geopolitical calm has pushed Brent oil down more than 3%, approaching its lowest level since late May.
Source: Newsmaker.id
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