Brent Crude Pulls Back
Brent crude oil futures fell past the $64.5 per barrel threshold on Thursday, extending pullback since rallying to a two-week high $66 on October 23rd as the view of an oversupplied market returned to investors' forefront.
A meeting between US and Chinese Presidents Trump and Xi reduced a series of trade barriers that the two largest oil consumers had against each other, as expected.
Still, tempered bets on demand and soaring supply levels from the world's top producers maintained the consensus of an ample surplus in the oil market onto next year.
OPEC+ nations are set to confirm an increase of 137,000 barrels per day in the cartel's output for December to extend their efforts to recover market share.
This was aligned with soaring production levels signaled by companies with operations in the US and North Sea.
Additionally, volumes of oil in tankers at sea rose to a record high of 1.4 billion barrels this week, raising the outlook on global inventories.
Source: Tradingeconomics.com
