WTI Crude Futures Fall Below $55 per Barrel for First Time Since 2021

Deep News12-17

West Texas Intermediate (WTI) crude oil dropped below $55 per barrel, marking the first time since February 2021, driven by signs of oversupply.

Earlier, Brent crude also fell below $60 per barrel, its lowest level since May.

Expectations of oversupply and slowing demand growth have weighed on oil prices this year. In recent days, hopes for a peace agreement between Russia and Ukraine have further eroded the long-standing geopolitical premium on crude.

Meanwhile, signs of weakness in the oil market continue to mount, with Middle East crude prices entering a contango structure earlier on Tuesday.

Premiums for refined products such as gasoline and diesel relative to crude have also declined.

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