The combination of Saudi Arabia's anticipated production increase, weak demand growth from China, and additional supply from Libya suggests that downward pressure will continue
Crude Oil Weekly Recap Key Events Driving Price Movements This week, light crude oil WTI prices experienced notable volatility, shaped by a series of major global events that put pressure on both supply and demand. Saudi Arabia’s production plans, China’s economic policies, U.S. crude stockpiles, and geopolitical tensions all contributed to the shifting sentiment in the oil market.
has been reducing output in an attempt to balance global supply and support prices, but the increased production from Saudi Arabia could lead to an oversupply. This bearish sentiment was further fueled by expectations of rising production from Libya, which is working to resolve internal conflicts that have curtailed its exports.
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