Biography Flash: Crude Oil Crashes to 5-Month Low as Trump-Putin Meeting Sparks Supply Fears
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Biography Flash: Crude Oil Crashes to 5-Month Low as Trump-Putin Meeting Sparks Supply Fears
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Good morning, this is Vanessa Clark with your Daily Crude Oil Price Tracker. Let me get you up to speed on what's happening in the oil markets right now.
Crude oil is taking a serious beating today. Brent crude futures are hovering around sixty dollars and ninety nine cents per barrel as of Friday morning, down slightly from the previous day and marking a five month low. According to Trading Economics, this represents the third consecutive weekly drop, the longest losing streak since March. West Texas Intermediate crude has fallen even further to around fifty seven dollars per barrel, extending losses that have traders increasingly worried about oversupply conditions.
The selloff is being driven by multiple factors colliding at once. The big story overnight came from President Trump announcing plans to meet with Russian President Putin in the coming weeks to discuss a possible resolution to the Ukraine conflict. Markets are speculating that any peace deal could lift restrictions on Russian oil output, potentially flooding an already oversupplied global market with more crude.
Adding fuel to the bearish fire, the Energy Information Administration dropped some disappointing data showing US energy firms added three point five million barrels of crude to storage last week. That's way above expectations and signals weak consumption, particularly concerning given the ongoing trade tensions between the US and China that are dampening demand outlooks.
There's also confusion swirling around India's Russian crude purchases. Trump claimed Indian Prime Minister Modi agreed to halt imports, but India's foreign ministry quickly denied any such conversation even happened. Indian refiners are now saying they'll scale back rather than completely stop buying Russian oil while they wait for official guidance from New Delhi.
Looking at the technical picture, Bank of America analysts believe an oil price floor is likely forming around fifty five dollars per barrel. The EIA is forecasting Brent will average sixty two dollars in the fourth quarter of twenty twenty five before dropping to fifty two dollars throughout twenty twenty six as global inventories continue building.
Thank you so much for tuning in today. Make sure to subscribe so you never miss an update on crude oil prices and market developments, and search the term Biography Flash for more great biographies covering the people and topics shaping our world. This is Vanessa Clark signing off.
And that is it for today. Make sure you hit the subscribe button and never miss an update on Recent News and Information from the past 24 hours on the commodity Crude Oil including latest trading price.. Thanks for listening. This has been a Quiet Please production."
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