Global oil markets face downward pressure as the International Energy Agency projects a significant supply surplus by 2026. Meanwhile, escalating trade tensions between the United States and China threaten to further suppress demand, creating a challenging environment for energy investors.
Market Overview: Oil Prices Extend Losses
Global oil markets continued their downward trajectory in Wednesday’s trading session, with both major benchmarks hitting five-month lows. Brent crude futures declined by 12 cents to $62.27 per barrel, while U.S. West Texas Intermediate fell 10 cents to $58.60. This represents the second consecutive session of losses as investors digest multiple bearish factors affecting the energy complex. The price movement reflects growing concerns about both supply and demand dynamics in the global oil market, with particular attention on production levels and trade relationships between major economic powers.