• Daily market updates

• #Commodities

Oil slips to $61 despite energy giants’ record profits

Oil falls to $61 despite record profits for energy giants

Oil markets witnessed a decline in prices today, with U.S. West Texas Intermediate crude stabilizing near $61.00 per barrel, after a series of weekly losses due to weak global demand and rising U.S. inventories. Despite this, major oil companies such as ExxonMobil, BP, and Shell reported strong financial results, thanks to the high prices recorded over the past year and ongoing geopolitical tensions that keep global supply limited.

 Influencing Factors:

• The continuation of Western sanctions on Russia has reduced the supply of Russian crude.
•  
• Increased OPEC+ production in some countries has limited any potential price increases.
•  
• Slower Chinese and European demand due to weak manufacturing.

Outlook:
Analysts expect prices to remain in the range of $60–63 in the near term, with a limited potential recovery if industrial demand indicators improve or positive data is released from China.

 To open live account click here