– Demand remains uncertain
Port Harcourt — Crude oil futures remained under pressure, approaching the USD 60 per barrel support level in the context of renewed concerns over rising supply.
Market sentiment has been dampened by reports that OPEC+ is weighing a further production increase of around 411,000 barrels per day in July, following nearly 1 million barrels per day of additional output in recent months.
This looming supply expansion has exerted downward pressure on prices, counterbalancing geopolitical concerns. The anticipated supply glut has been exacerbated by an unexpected rise in U.S. crude inventories, raising concerns about demand in the U.S.
Looking ahead, the outlook for global crude prices remains cautious. Should economic growth falter, prices may come under further pressure.
Traders could also monitor any developments in U.S.-Iran nuclear talks, which could lead to additional crude volumes arriving on the market.
Traders could also turn to new economic data in search of clues regarding the level of demand for oil in the U.S. and China.
