Reported 2 days ago
Oil prices have dropped significantly as tanker traffic reveals a rise in oil supply, driven by OPEC+ and non-OPEC+ producers. With 1.24 billion barrels of crude and condensate in transit as of October 17, the volumes have reached multi-year highs, resulting in WTI crude prices falling to $56.84 and Brent crude to $60.55. This surge in supply, fueled by increased exports from the U.S., Guyana, and Brazil, coupled with a seasonal decline in demand, indicates a potential market surplus that could lower prices to around $50 per barrel in the coming months.
Source: YAHOO