OPEC+ Increases Production, Will Oil Fall Further?
Oil prices remain near their lowest levels since 2021, as traders assess the impact of a potential ceasefire in Ukraine. If the war subsides, the path could open to easing restrictions on Russian oil imports—even though the global market is already oversupplied.
West Texas Intermediate (WTI) is trading around $57 per barrel after closing at a more than four-year low on Monday. Brent crude also weakened, closing below $61. US President Donald Trump said a deal to end the Russia-Ukraine war is “closer than ever” after talks with Ukrainian President Volodymyr Zelenskiy and European leaders.
Meanwhile, oil is projected to post annual losses due to expectations of a growing global surplus: OPEC+ is restarting production that had been held back, while other producers are pumping more. If the war is truly over, the US could ease sanctions on Russia—which could potentially increase supply again. From Berlin, Zelenskiy's top security official, Rustem Umerov, said there had been "tangible progress" after a second day of discussions that lasted about five hours, with the US delegation led by special envoys Steve Witkoff and Jared Kushner. (az)
Source: Newsmaker.id
