Oil Prices Slide as Oversupply Fears Tighten Their Grip on Markets

Crude oil prices were down today, set for the second consecutive weekly loss as glut perceptions deepen amid reports of rising oil inventories. At the time of writing, Brent crude was trading at $59.71 per barrel while West Texas Intermediate was changing hands for $55.99 per barrel, both down by around $2 since the start of the week. Brent briefly slid below $59 earlier in the week. All the major oil market forecasters expect an oversupplied world in 2026 and consequently predict even lower oil prices, with some seeing Brent crude slipping closer…