Brent Crude Falls Below $60 per Barrel, Hitting Lowest Level Since May

Deep News12-16 17:00

Brent crude prices dropped below the $60-per-barrel threshold for the first time since May, driven by oversupply relative to demand, with expectations that the surplus will persist into next year.

Brent crude briefly fell 1% to $59.96 per barrel, extending its year-to-date decline, while West Texas Intermediate (WTI) crude hovered around $56 per barrel.

A wave of new supply from OPEC+ and the Americas, combined with sluggish demand growth, has fueled expectations of a substantial crude surplus, keeping oil prices under sustained downward pressure throughout 2025.

Meanwhile, renewed hopes for an agreement to end Russia's war in Ukraine have reduced the geopolitical risk premium that has long supported oil prices. However, markets continue to assess the potential impact of U.S. pressure on Venezuela.

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