Biography Flash: Crude Oil Plunges to 5-Month Lows as Global Oversupply Fears Mount
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Biography Flash: Crude Oil Plunges to 5-Month Lows as Global Oversupply Fears Mount
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Crude oil prices have had quite a week, and the pace only quickened over the past 24 hours. To kick off with the numbers: yesterday, West Texas Intermediate crude futures edged up to $57.64 per barrel according to Trading Economics, a modest 0.31 percent gain, but this comes after a third consecutive weekly decline and a total drop of nearly 3 percent for the week. Brent crude mirrored this move, settling at $61.33 per barrel, a 0.44 percent uptick, though still hovering around five-month lows, reflecting broader sentiment around oversupply and market uncertainty. Goodreturns confirms this downward trend for October, with crude oil pushing as low as $61.10 midweek and peaking at $66.40 earlier in the month, marking more than a 6 percent net drop for October so far.
The big headlines shaping the oil story revolve around oversupply and geopolitics. The International Energy Agency projected a growing global glut next year, and the US Energy Information Administration highlighted record domestic production at 13.636 million barrels per day, plus a chunky build of 3.5 million barrels in US storage last week. These stats have traders scrambling to bid up storage space, a telltale sign that the oversupply narrative is sticking around. Tech analysts at OneUpTrader flagged the breakdown below the $61 support zone as significant, with technical momentum squarely in bearish territory, and voids opening up at the $55.50 to $56 level as sellers gain conviction.
Global events run the show for crude, and the last day brought plenty of headline drama. Presidents Trump and Putin have announced plans to meet to discuss the Ukraine conflict, following a temporary cease-fire in Gaza between Israel and Hamas. Zelenskyy also met with Trump, reportedly pushing for long-range missile support. On the business front, Washington is pressing India and China to curb Russian oil imports—though Indian refiners, per Brent market updates, are only scaling back, not halting, purchases, pending official decisions. All eyes are on inventory data due next week and the upcoming OPEC+ meetings which may adjust output targets.
On social media, the dialogue is lively, with oil market analysts debating the bearish technicals and speculating whether an easing of US–China trade tensions might offer relief for demand. Speculation abounds about further strategic reserve releases and potential policy shifts as major players jockey to secure influence over global supply.
Thanks for listening to Daily Crude Oil Price Tracker with Vanessa Clark. Be sure to subscribe to never miss an update on the latest crude oil market news and prices, and if you love bios, search the term Biography Flash for more great stories.
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