Reported 29 days ago
Oil prices have steadied below $70 per barrel after a significant selloff prompted by fears of declining global demand, particularly from major consumers like the US and China. This quarter has seen prices drop nearly 20% due to concerns about excess supply and slowing economic growth. The International Energy Agency has warned of higher inventories next year, even as OPEC+ faces pressure to manage output increases. Market signals indicate a likelihood of a near-term rebound, despite bearish sentiment prevailing among traders.
Source: YAHOO