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Oil plummets as demand falls amid supply glut
Khaleej Times
|July 01, 2025
Oil prices remain in a precarious state, caught in a perfect storm of rising supply and faltering demand.
After a fleeting spike above $80 per barrel in mid-June, driven by Middle East tensions, Brent crude has tumbled to $67.76, with the September contract barely clinging to $66.97.
US West Texas Intermediate (WTI) settled at $65.61, marking an 11.27 per cent weekly plunge -the steepest since the 2020 pandemic-driven collapse.
On Monday, Brent crude futures edged down by 19 cents, or 0.3 per cent, to $67.58 a barrel at 1501GMT. US West Texas Intermediate crude was down 62 cents, or 1 per cent, at $64.90 a barrel.
This sharp decline signals a broader shift in market dynamics, with oversupply concerns and fading geopolitical risks reshaping the outlook for 2025.
Denne historien er fra July 01, 2025-utgaven av Khaleej Times.
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