Oil Prices Plummet on Peace Hopes, Surplus Concerns
Update: 2025-12-16
Description
Oil prices plummeted this week, reaching lows not seen since 2021, due to renewed hope for Russia-Ukraine peace talks and a growing global oil surplus. Brent crude and West Texas Intermediate both fell by nearly two percent. Despite sanctions, Russian oil exports by sea remain steady, but finding buyers is challenging, leading to a surge in stored oil at sea. Global oil inventories hit a four-year high in October, contributing to the overall twenty percent drop in crude prices this year, driven by supply surplus expectations and weakening global demand.
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