Reported about 21 hours ago
Oil prices fell by about 2% due to worries about potential decreases in U.S. demand and oversupply, overshadowing geopolitical tensions in the Middle East and Ukraine. Brent crude futures decreased by 1.7% to $66.37 a barrel, while U.S. West Texas Intermediate crude dropped by 2.0% to $62.37. The International Energy Agency indicated that global oil supply would outpace demand this year, influenced by increased production from OPEC+. Additionally, Saudi Arabia's crude exports to China are expected to rise significantly, adding to concerns about oversupply.
Source: YAHOO