WTI crude oil futures fell 2% to $57.3 per barrel on Thursday, hovering near a seven-week low, as the market focused on expectations of a growing global glut driven by rising output from OPEC+ and producers across the Americas. The International Energy Agency softened the blow slightly by trimming its projection for a record surplus for the first time since May, though it still expects major oversupply. Geopolitical tensions added noise but did little to support prices. The US intercepted a sanctioned Venezuelan tanker, prompting Caracas to call the move an “act of piracy.” Venezuela, which holds the world’s largest reserves, shipped about 586,000 barrels per day last month, mainly to China. At the same time, Ukraine struck another shadow-fleet tanker tied to Russia’s oil trade, marking at least the fifth such attack since late November even as the US presses for a ceasefire.
