Crude Oil Crashes Below $62 as IEA Warns of Massive Oversupply - Biography Flash Daily Oil Tracker

Recent News and Information from the past 24 hours on the commodity Crude Oil including latest trading price. Biography Flash a weekly Biography.Brent crude oil has tumbled dramatically in the last 24 hours, hitting a five-month low around 61.98 dollars per barrel according to Trading Economics, down 2 percent on the day and more than 8 percent for the month. WTI crude was last seen below 59 dollars, with similar negative momentum. This continual slide is capturing headlines, with Nairametrics emphasizing that Brent, which started the year at 74 dollars and made a brief January run to 81, has shed over 17 percent in 2025 alone, now struggling to stay above the psychological 60 dollar barrier.The steep downturn is tied to a confluence of bearish developments. Most prominent, the International Energy Agency just slashed demand growth forecasts to around 700,000 barrels per day for both this year and next while projecting supply growth of 3 million barrels per day in 2025 and 2.4 million in 2026, supported by OPEC+ hikes and persistent US output. According to Trading Economics, the IEA’s bearish tone has supercharged supply glut concerns with inventories already rising in China and the United States. OPEC’s own monthly report, released yesterday, offered a more upbeat 1.3 to 1.4 million barrel per day demand growth view, but that optimism is being overshadowed by the IEA’s expectations for oversupply.Geopolitical developments are stirring volatility but providing little sustained support. Recent hopes for a thaw in US-China trade tensions, reported by Fortrade and Trading Economics, have faded as Beijing imposed penalties on American subsidiaries in a dispute over shipbuilding technology, reigniting fears for energy demand. Meanwhile, cooling tensions in the Middle East, with Hamas releasing hostages and Israel freeing prisoners, have drained prior risk premiums from the market.Investor sentiment remains decidedly risk-averse. Fortrade and Economies.com both note persistent sell signals across all technical indicators, suggesting the path of least resistance remains down. Orbex points to a sturdy resistance zone near 60.50 dollars, warning that failure to hold this level could see oil plunge further toward 57.60 or even 55.20. DailyForex characterizes the brief rally attempts as mere relief bounces, insisting that, barring a break above 62, it is still very much a ‘sell-the-rallies’ market amid broad oversupply and weak demand.On the macro front, Nairametrics highlights how the positive correlation between oil and the US dollar—changing after the US became a top exporter—means that even a weaker dollar offers little respite to oil prices. US crude exports set a record in 2024, further contributing to the supply picture and deepening Brent’s linkage to macro trends.No major public business announcements or executive appearances are making waves, and crude oil continues to move off fundamental and macro headlines. Social media remains dominated by speculation around the IEA’s report and debate about how far oil can fall before OPEC or non-OPEC producers step in. As of this moment, the technical outlook is negative, and momentum is with sellers.Thank you for joining me on the Daily Crude Oil Price Tracker with Vanessa Clark. Be sure to subscribe to never miss an update on the latest crude oil news and prices, and search the term Biography Flash for more great biographies.And that is it for today. Make sure you hit the subscribe button and never miss an update on Recent News and Information from the past 24 hours on the commodity Crude Oil including latest trading price.. Thanks for listening. This has been a Quiet Please production."Get the best deals https://amzn.to/490st2IThis content was created in partnership and with the help of Artificial Intelligence AI

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