Oversupply NEWS

Last Monday saw a fall of 3% in oil price. Brent crude dropped by 3.1% at $40.46 a barrel and WTI fell $1.29 at $38.56 a barrel. One of the major reasons for this was the increased supply from Libya. Amidst this OPEC+ was asked not to be careless and have to address the issue more seriously in order to keep the oil prices stable in the long run.

Oil prices in the international market on Monday rose on the notion that Saudi Arabia will push OPEC to curb supply towards year-end. Benchmark Brent crude oil futures were up 0.8%, at $67.29 per barrel. US WTI crude futures climbed 1.3%, at $57.17 per barrel. OPEC defacto leader, Saudi Arabia will most likely push the cartel to cut the supply by 1 million to 1.4 million bpd to prevent oversupply.