11.12.202515:21:21UTC+00Oil Falls by 2% to 7-Week Low

WTI crude oil futures experienced a 2% decline, settling at $57.3 per barrel on Thursday, approaching a seven-week low. This downturn is largely attributed to expectations of a mounting global surplus fueled by increased production from OPEC+ and various American producers. While the International Energy Agency slightly alleviated concerns by reducing its forecast for a record surplus for the first time since May, the projection still anticipates significant oversupply. Geopolitical tensions added complexity to the situation but failed to buoy prices. The United States intercepted a Venezuelan tanker under sanctions, prompting Caracas to condemn the action as an "act of piracy." Venezuela, which possesses the world's largest oil reserves, exported around 586,000 barrels per day last month, predominantly to China. Simultaneously, Ukraine targeted another shadow-fleet tanker involved in Russia's oil trade, marking at least the fifth such incident since late November, even as the US continues to advocate for a ceasefire.