The price of oil drops with the focus on the expected supply surplus

Oil prices fell for the third day, as the global expectations of the supply surplus were overwhelmed by Russian flow. Brent -ru -Futures dropped to less than $ 67 a barrel to wipe out the profits it made earlier this week, while the interim rough of Western Texas remained under $ 64. Trump said the conflict would end “if oil prices drop”, and expressed his favorite strategy to stop the flow of oil returns in the US dollar that funded the Russian war. He also repeated his call to countries to stop buying fuel from Russia, which has the membership of the “OPEC+” coalition. Weekly oil profits have failed to remove the extract weekly oil gains from the narrow range that moves since the beginning of August, as prices between the escalating geopolitical risks and the factors that support the decline. The OPEC+has grown faster than expected to increase the international energy agency to predict a record cross next year. Also read: Energy Agency: A standard surplus that threatens the oil markets in 2026, Trump’s political pressure, said Brerana Sashdiva, chief market analyst at the Philip Nova in Singapore, that Trump’s public pressure “has a political dimension that the markets cannot ignore” but does not have a major impact on the management of producers for prices or supplies. She added: “The geopolitical risks, such as attacks on Russian energy infrastructure, still support the risk allowance, but its effect is not strong enough to eradicate or reduce the pressure as a result of the fear of surplus supply.” On Thursday, Ukraine launched attacks on two oil lines in Russia, as part of its campaign to target the largest source of financing for Moscow, increasing the fear that extra closures will increase the pressure on the global markets. The Russian refinery rates have dropped to less than 5 million barrels a day, which is the lowest level since April 2022, according to JP Morgan estimates. Trump and SHI call, as investors will monitor the upcoming call between Trump and Chinese President Xi Jinping on Friday in search of indicators about the possibility of alleviating the tensions between the two largest economies in the world. The two leaders are scheduled to speak nine in the morning Washington. Also read: Trump’s call and something expected. What will discuss the US and Chinese presidents? The price of Brent -ru dropped 0.1% to $ 67.39 a barrel at 10:12 in November in Singapore. Prices rose 0.6% this week. The price of the Western Texas -Internmediate RU, the October delivery, which ends on Monday, fell 0.1% to $ 63.49 a barrel, while the most traded November contract dropped 0.1% to $ 63.18. *Prices have been modified to reflect market movements