Oversupply Fears Are Pushing Oil Prices Lower

Fear of an oversupply of oil on the back of reports that Saudi Arabia is considering returning to its strategy of pursuing market share rather than supporting prices has sent both WTI and Brent falling this week.Friday, September 27th, 2024China’s economic stimulus measures and US hurricanes have provided firm fundamental support for oil prices; but the big story of this week has come from Saudi Arabia, with media outlets alleging Riyadh is considering a strategy revamp of retaking market share in the oil markets. Fearing oversupply, market…