WisdomTree Petroleum

Crude oil prices have dropped to a two-month low due to concerns over supply glut and slowing demand growth. Brent oil is currently at $60, while WTI oil is at $56.41. The market is influenced by US nonfarm payrolls and CPI data, with high volatility expected. China's stockpiling and IEA's improved supply/demand outlook for 2026 are key factors. Technical analysis suggests a possible short-term correction for Brent oil, but it is likely to remain below $64.50.

Invezz

Brent crude oil price analysis: Levels to eye amid the crash

Oil prices are declining this week despite geopolitical tensions, including the U.S. seizure of a tanker off Venezuela's coast and Ukraine hitting a Russian tanker. Historically, such events push prices up, especially involving oil producers. The decline is attributed to a soft macroeconomic picture.

Why oil prices are cooling despite rising heat on Venezuela

Crude Oil Prices Recover as US Seizes a Tanker Off the Coast of Venezuela

Barchart Option

Crude Oil Prices Recover as US Seizes a Tanker Off the Coast of Venezuela

Oil prices fell, pressured by expectations of a looming glut as OPEC+ and non-OPEC+ exporters increase output, as well as by a rapid rise of cargoes at sea.

Oil pressured by oversupply prospects

Crude inventory falls by 1.8M barrels for week ended December 5 – EIA

businessinsider

Crude inventory falls by 1.8M barrels for week ended December 5  – EIA

Oil prices stabilized as investors monitored Russia-Ukraine peace talks and awaited a U.S. interest rate decision. Brent crude rose 0.1% to $62.01, and WTI crude increased 0.2% to $58.35. U.S. crude inventories fell by 4.78 million barrels, while gasoline and distillate stocks rose. The U.S. Federal Reserve is expected to cut interest rates to support the labor market. A peace deal could lift sanctions on Russian companies, affecting oil supply. The EIA raised its 2025 U.S. oil production forecast to 13.61 million barrels per day.