Oil is on track to record its longest monthly losing streak in over two years, reflecting a shift in supply and demand dynamics. This notable decline comes as traders await the results of the “OPEC+” meeting scheduled for this week, alongside market evaluations of U.S. efforts to resolve the ongoing geopolitical conflict in Ukraine.
On Friday, Brent crude futures saw a slight increase, rising by 0.52% to reach $63.67 per barrel. West Texas Intermediate (WTI) crude closed at $59.08 per barrel in its last settlement on Wednesday, up by 0.73%. No settlement was reported yesterday due to the Thanksgiving holiday in the United States.
Brent crude has decreased by nearly 15% so far this year. The downward pressure on prices is attributed to new forecasts of a global oversupply, following “OPEC+”‘s reintroduction of previously halted production capacity, while non-OPEC producers added more supplies to the market.
