Oil Prices Drop, Market Uneasy Over Trump Issues & Supply Concerns
Global crude oil prices fell as market concerns over US President Donald Trump's attempt to annex Greenland and the global supply imbalance intensified. This sentiment has made investors less interested in riskier assets, including energy commodities like crude oil.
West Texas Intermediate (WTI) crude briefly fell below $60 per barrel, while Brent closed trading near $65 per barrel, reflecting a decline following gains earlier in the week. This condition indicates the market is cautious in the face of evolving geopolitical prospects.
In addition to political factors, concerns that oil supply will exceed demand this year are also pressuring prices. Data from various market sources even indicate the possibility of a large surplus in global supply, adding to downward pressure on oil prices.
The issue of Venezuelan oil exports is also in the investor spotlight. Traders are now paying attention to where oil flows will be directed, after previously sending large volumes to China, especially following US intervention in that country's exports.
The combination of geopolitical uncertainty and concerns about excess supply is keeping oil prices under pressure. The market appears reluctant to push prices higher without clarity on whether global demand will be strong enough to absorb the expected oversupply. (az)
Source: Newsmaker.id
