Reported 1 day ago
Oil prices fell slightly on Wednesday after the IEA indicated that supply will outpace demand this year, while investors await a crucial meeting between U.S. President Trump and Russian President Putin. Brent crude futures dropped by 0.6% to $65.71 a barrel and West Texas Intermediate crude declined by 0.8% to $62.67. The markets are reacting to increased forecasts for oil supply and cautious demand projections due to weak fuel consumption in major economies. Additionally, U.S. crude inventories rose, adding to the market's unease ahead of the upcoming discussions on the war in Ukraine.
Source: YAHOO