Oil Prices Drop for Third Consecutive Month

Oil prices plummet as investors fret over supply glut and weak demand, with Brent crude and U.S. WTI futures both dropping. This marks the third consecutive month of decline, driven by fears of oversupply and underwhelming demand, particularly in the U.S. High-frequency indicators show subdued U.S. oil consumption due to reduced travel and shipping activity. Inventory levels surge, and refinery run rates remain low, further dampening demand. Saudi Arabia cuts prices for Asian buyers, signaling continued downward pressure on oil prices, with some experts predicting prices as low as sixty dollars a barrel by 2025 and fifty dollars a barrel by 2026.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.