Brent Oil Prices May Slip Below $60 Amid OPEC+ Warning and Growing Supply Glut Concerns
AI Summary1 min read
TL;DR
Brent crude prices dropped 4% to near $62 as OPEC+ warned of a supply glut. An expert predicts Brent could fall below $60 to $57-$58, with US production posing a major threat to price stability.
Tags
Brent crudeOPEC+supply glutoil pricesUS production
Brent crude prices have fallen nearly 4% to near $62 per barrel after OPEC+ warned of a supply glut. Peter McGuire, CEO of Australia-Trading.com, expects Brent to break below $60 and potentially reach $57-$58, while WTI could drift towards $55-$56. McGuire believes that US production is a bigger threat to OPEC+ policy shifts and warns that prices may only bounce on geopolitical shocks.
