Oil prices have stabilized after falling to their lowest level in five months on Tuesday, amid the expectations of large surplus in supplies and increasing trading tensions between the United States and China. Brent -Ruolie traded nearly $ 62 a barrel after dropping 1.5% in the previous session, while the intermediate crude of Western Texas dropped below $ 59. The international energy agency said on Tuesday that the global oil market will see a surplus offer of about 4 million barrels per day next year, an increase of about 20% due to its previous expectations. The fear of an escalation and the impact on the market investors prepares him for any extra escalation between the two largest economies in the world, after US President Donald Trump said he could stop the trade in the cooking oil with China, following the sanctions on American units of a South Korean shipping giant. However, a conciliatory tone appears from US trade representative Jameson Greer, who expected tensions to facilitate China after the latest talk. Oil has fallen by about 17% since the beginning of the year, as the fear of oversupply has increased, at a time when the OPEC+ Alliance tries to regain its market share by increasing the stock. Managers of major oil trade businesses, including Gunvor Group and Trafigura, said at an industrial conference in London that the long -awaited surplus has now become a reality and will probably put pressure on prices in the next phase. “The era of her preaching” puts pressure on oil prices. Robert Rennie, head of commodities and carbon research at Westpac Bank Corp., said: “The fall below the $ 65 level was the beginning of a re -plug that will push Brent below $ 60,” and adds that the OPEC and international energy reports have an increase in production, which means the current surplus in the RU market. ” Also read: The energy agency reduces the expectations for the world demand of oil in 2026. Some market indicators show additional signs of weakness, as the time cut, which is the gap between the two nearest Brent -Ru contracts in December, has turned to a ” state a state state, which is a clumsy price structure, which means the prices of the mock are a federal bank. Reduction in interest rates by a quarter percentage point later in the month, which can support rough prices by stimulating economic activity and weakening the US dollar.
Oil prices stabilize after a fall amid the fear of a new trade war
