Brent crude oil futures fell below the key level of $60 per barrel for the first time since May due to oversupply, further deepening the decline since this year, while WTI crude oil futures hovered around $56 per barrel. Driven by a new wave of supply and slowing demand growth in OPEC+ and the American countries, the prospect of large oil surpluses drove a gradual decline in oil prices in 2025. New hopes that Russia and Ukraine will reach a cease-fire agreement have also weakened the long-standing geopolitical premium on crude oil. Despite this, the market is still weighing the possible impact of US pressure on Venezuela.

Brent crude oil futures fell below the key level of $60 per barrel for the first time since May due to oversupply, further deepening the decline since this year, while WTI crude oil futures hovered around $56 per barrel. Driven by a new wave of supply and slowing demand growth in OPEC+ and the American countries, the prospect of large oil surpluses drove a gradual decline in oil prices in 2025. New hopes that Russia and Ukraine will reach a cease-fire agreement have also weakened the long-standing geopolitical premium on crude oil. Despite this, the market is still weighing the possible impact of US pressure on Venezuela.