12.09.202501:12:13UTC+00Oil Extends Losses

WTI crude oil futures fell to approximately $62 per barrel on Friday, continuing a 2% decrease observed in the previous session. This decline was driven by concerns over a potential decrease in US demand and an oversupply in the market. Recent data revealed an unexpected increase in US crude oil inventories by 3.9 million barrels last week, contrary to forecasts that predicted a reduction. Meanwhile, the International Energy Agency (IEA) suggested that global oil supply is likely to grow more rapidly than anticipated due to increased output from OPEC+. On the other hand, OPEC's own report, released shortly after the IEA's, maintained its stable outlook for non-OPEC supply and demand, citing consistent consumption levels. Additionally, it has been reported that the United States is encouraging its G7 partners to impose higher tariffs on India and China for purchasing Russian crude. Despite the recent decline, oil prices are poised for a modest gain this week, bolstered by earlier market strength linked to supply risks amid geopolitical tensions in regions such as the Middle East and Ukraine.