Global oil benchmarks, Brent and WTI, are on track for their fourth consecutive weekly loss, shedding about a sixth of their value over the last four weeks. This comes as concerns over rising supply and weakening demand persist.
Brent futures rebounded slightly to $78.76 per barrel, and WTI stood at $74.1. The decline is attributed to a surge in US crude inventories, sustained high production, and signs of softening demand in China.
Analysts anticipate OPEC+ to extend voluntary cuts into 2024. Despite geopolitical tensions, the market remains sensitive to economic indicators and supply dynamics, prompting fluctuations in oil prices.