Reported 1 day ago
Oil prices stabilized following significant gains as OPEC+ makes headway towards delaying the resumption of oil supply, while the U.S. has imposed additional sanctions on Iranian crude. Brent crude is around $74 per barrel, with West Texas Intermediate over $70. OPEC+ is leaning towards extending production cuts for another three months. Market conditions are pressured by rising non-OPEC supply and a weak demand outlook from China, raising concerns of a potential oversupply in 2025. The American Petroleum Institute's latest report indicates a rise in U.S. crude stockpiles.
Source: YAHOO