{"id":"f-86c21c4f86-d64aee61-a5b8-5ab7-841e-517ec5c96527","title":"Crude oil prices crash to $55 a barrel — the lowest level since early 2021","description":"Amid excess supply and high hopes for an end to the war between Russia and Ukraine, crude oil prices have fallen to $55 a barrel — the lowest level since early 2021. If oil producers don't cut supply, strategists see prices falling into $40s or even $30s a barrel in 2026.","timestamp":1765961162,"category":"business","headline":"Crude oil prices crash to $55 a barrel — the lowest level since early 2021","modifiedHeadline":"Oil Prices Plunge to Lowest Since 2021","subCategories":["scid_dad10ecd"],"region":"IN","bundleMetaData":{"bundleId":"c80449a0-0ad6-472b-8d17-5747dd8f5c83","bundleTitle":"Around the globe","cardData":null},"iabCategoryId":"81","fcSummary":"Crude oil prices plummeted to levels not seen since 2021, falling below $55 a barrel due to excess supply from oil-producing nations and optimism surrounding potential resolution of the Russia-Ukraine war. Analysts warn of further drops if supply isn't curbed.","summary":"Oil prices crash to $55, a level unseen since early 2021, sparking fears of further drops to $30 if producers don't curb excess supply.","ctaUrl":"https://trends.glance.com/newz/news/IN/en/firstpost/f-86c21c4f86-d64aee61-a5b8-5ab7-841e-517ec5c96527","sourceUrl":"https://www.firstpost.com/world/crude-oil-prices-crash-to-55-a-barrel-the-lowest-level-since-early-2021-13960586.html","bannerImage":"https://g-mob.glance-cdn.com/public/fc/image/iZTlrlTdUKt0.webp","content":"Amid excess supply and high hopes for an end to the war between Russia and Ukraine, crude oil prices on Tuesday fell 3 per cent to below $55 a barrel at one point — the lowest level since early 2021.\n\n
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\n Futures on US benchmark West Texas Intermediate (WTI) fell by more than 3 per cent to below $55 and international pricing benchmark Brent crude's futures fell by over 2 per cent to below $59 a barrel, according to Yahoo Finance.\n
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\n For both of these benchmarks, these were the lowest levels since 2021 when oil prices had fallen to their lowest point in years because of the Covid-19 pandemic.\n
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\n Analysts have attributed these low prices to excess supply by oil producing countries, including the cartel of Organization of the Petroleum Exporting Countries and its allies (OPEC+), and progress in Russia-Ukraine talks that have led to hopes that the war could soon end and Russian oil's supply could increase.\n\n
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\n Under President Donald Trump, the United States has also been increasing oil production and is set to extend the surge in supplies into the new year.\n
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\n Owing to these factors, both Brent and WTI crude are set to close the year 20 per cent lower year-on-year.\n
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Market 'cartoonishly oversupplied' as crude could drop to $30s, say analysts\n

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\n Analysts have said that the oil market is \"cartoonishly oversupplied\" and warned crude prices could drop into $40s or $30s a barrel.\n
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\n In a note cited by Yahoo, JPMorgan strategists wrote that while demand remains robust, the supply is \"simply too abundant\"\n\n
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\n If the OPEC+ cartel does not cut supplies and other producers don't slow down as well, the strategists said crude could drop into the $40s or even $30s a barrel — levels that would be catastrophic for the industry and not seen since the oil prices hit rock bottom in 2020 during the pandemic.\n
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\n Macquarie oil analysts summed up the situation as being \"cartoonishly\" oversupplied.\n
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\n \"Our near-term balances now appear even more bearish than what we had previously characterized as 'cartoonishly' oversupplied,\" the note said, as per Yahoo.\n","readDurationInMinutes":"4","author":{"name":"Firstpost","logo":"https://glance-mob.glance-cdn.com/public/bubble/png/28d65284-7c7e-4e74-a1da-84b4daef1e4c.jpeg"},"ism":false,"analyticsResponses":[{"measurementId":"DUMMy","type":"GA"}],"pointerSummary":["Crude oil prices fell 3% to below $55, lowest since 2021, due to excess supply.","Hopes for Russia-Ukraine war end may increase Russian oil supply, impacting prices.","Analysts warn of potential drop to $30s if OPEC+ doesn't cut supply; market oversupplied."],"tags":["CrudeOil","OilPrices","WTI","BrentCrude","OPECPlus","OilSupply","RussiaUkraineWar","EnergyMarket","DonaldTrump","OilProduction","JPMorgan","Macquarie","EnergyCrisis","GlobalEconomy"],"consent":true,"redirectionEnabled":false}

Crude oil prices crash to $55 a barrel — the lowest level since early 2021

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