Stocks Teeter as Black Gold Loses Its Luster: Oil's Tumble Shakes Markets

Oil markets remain weak because of global supplies outstripping demands growth. WTI was trading at $67.23 per barrel, down since yesterday's close having passed through a volatile 24 hours. That of Brent opened at $69.65 and remained unable to hold positions above the $70 mark. In its 2023 predictions, the International Energy Agency has estimated a global oil supply surplus of 600,000 barrels per day, deepening the bearish outlook. Barclays reduced its 2025 Brent oil price forecast to $74 per barrel, citing soft demand as economies face uncertainty. Stock markets are moody; some of the major indices were expected to open lower today. As the S&P 500 is 8.9% below the recent record high, investor angst over economic policies and an ensuing slowdown are pronounced.

 

Source: Energy Brief Today