Oil markets may soon get hit by a global supply glut, weakening crude prices further

Quick Summary:

The slowdown bolsters the possibility that an oversupply of crude is looming, a threat that has limited oil prices to a roughly 7% gain this year despite OPEC+ production cuts and rising geopolitical tensions.

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Article Details

Author / Journalist: Lucia Kassai, Bloomberg

Category: EconomyBusiness

Markets: United StatesChinaGuyanaIndiaMexicoNigerNigeria

Topics: Crude oil Commodity prices Commodities Oil Crude oil prices

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-11 @ 23:30:49 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: fortune.com

Language: English

Article Length: 34 words

Reading Time: 1 minutes read

Sentences: 24 lines

Sentence Length: 2 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fortune

News ID: 22021736

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Main Topics: EconomyBusiness

Official Website: fortune.com

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Year Established: 1929

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News Last Updated: 10 hours ago

Coverage Areas: United States

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