FX.co ★ WTI Crude Falls Below $60

West Texas Intermediate (WTI) crude oil futures dipped below $60 per barrel on Thursday, continuing their decline after reaching a two-week high of $62 on October 23rd. This decline was driven by renewed concerns among investors about an oversupplied market. A recent meeting between U.S. President Trump and Chinese President Xi Jinping resulted in the reduction of several trade barriers between the two largest oil-consuming countries, as anticipated. However, restrained expectations for demand and increasing supply from the world's leading producers have solidified the belief that the oil market will continue to experience an ample surplus into the following year. Members of the OPEC+ coalition are poised to confirm an output increase of 137,000 barrels per day for December, as part of their strategy to regain market share. This move is consistent with rising production levels reported by companies operating in the United States and the North Sea. Furthermore, the volume of oil stored in tankers at sea has surged to a record high of 1.4 billion barrels this week, reinforcing projections of growing global inventories.