Oil prices are heading for a third week of decline due to concerns about a global supply glut. The IEA has again raised its surplus projection and even predicted a record oversupply next year, as OPEC+ continues to increase production while demand remains sluggish. WTI in December was trading around USD 58.87 per barrel, and Brent in January was around USD 63.01 per barrel.
However, this downward pressure has been somewhat offset by the risk of US sanctions against Russian energy giants like Rosneft and Lukoil. Lukoil's trading business has begun downsizing staff, and there are reports that the Carlyle Group is eyeing its overseas assets. While these geopolitical factors could disrupt future supply, the current market sentiment remains: a large surplus and weak demand are driving oil prices downward.
Brent oil prices were at $62.87 at the time of writing.
Disclaimer: This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source : Newsmaker.id
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