Brent crude oil prices fell to below $60 a barrel on Tuesday, the lowest since May, amid investor optimism over progressing peace talks between Russia and Ukraine, and a wave of oversupply hitting global oil markets.

A corner of the US crude market closely watched by physical traders is signaling oversupply in the latest indication that a global glut has reached domestic shores.

The oil market is under pressure as OPEC+ members have rapidly ramped up production and the U.S. pushes Ukraine to accept a peace agreement with Russia.

Discover the methods that companies use for forecasting oil prices, including calculus, econometrics, and market influences like OPEC and futures trading.

Escalating tensions may constrain near-term supply, but a post-Maduro scenario with lifted sanctions could allow Venezuela to rebound toward 2 million bpd within 1–2 years, according to Wood Mackenzie.

West African crude oil sellers are struggling to find buyers for up to 26 December- and January-loading cargoes due to stiff competition from plentiful and cheaper alternative supplies, traders and analysts told Reuters.

The Middle Eastern oil market has weakened in recent weeks on concern that regional supplies will outstrip demand, adding to signs of a softening global picture that’s weighed on benchmark crude futures.

Crude oil prices fell for a second straight week as rising inventories and mounting oversupply expectations outweighed geopolitical supply risks and reinforced bearish long-term demand forecasts.

Let’s be honest: The oil market has always been wrong about long-term prices. Unsurprisingly, it’s currently wrong in anticipating that a barrel of crude will cost around $60 by 2030, close to current levels. Barring an economic cataclysm, oil will be ...

Less encouraging for corn and soybean futures, the oil market faces the prospect of a “super glut” next year, the chief economist at one of the world’s largest commodity traders warned. New drilling projects and slowing demand growth will likely keep pressure on already depressed crude prices in the year ahead,