Oil Market Rollercoaster: Surplus Fears vs. Geopolitical Shifts

Oil prices dipped to a five-month low amid a strengthening dollar and hopes for Ukraine peace talks, fueling fears of a future supply glut as the IEA forecasts a massive surplus by 2026. Countering this, easing US-China trade tensions and surprisingly strong Chinese economic data offered some support, while a ceasefire in the Middle East reduced risk premiums. OPEC Plus's cautious production increase and Ukrainian attacks on Russian refineries also tightened supply. The market now faces a tug-of-war: potential Iraqi exports versus new sanctions on Russian oil, all while US production hits record highs, leaving traders on edge.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.