Key Highlights
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Brent crude oil fell *.***, extending a **-week bearish trend amid oversupply concerns.
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U.S. crude oil inventories saw a sharp *.* million-barrel draw, per API data.
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Discounted Russian crude oil flows to India and China added to supply pressure.
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Rising fuel inventories and weak demand outlook capped any price recovery.
Global crude oil prices continued to fall in the second week of December ****, amid fears of a potential oversupply in the market amid weaking demand globally. For the week ending ** December, Brent crude oil decreased by *.*** from the previous week. A large draw in U.S. crude inventories provided some support but not enough to turn sentiment, which has been overwhelmingly bearish for several months.
Crude oil prices fell to two-month lows as buoyant U.S. refined product inventories compounded oversupply concerns made worse by optimism about Russia–Ukraine peace talks. Weak global manufacturing activity and cautious consumer spending have dampened demand outlooks...
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