Brent crude prices fell below the $60-per-barrel mark on Wednesday, breaching a key psychological level for the first time since May, as global supply continues to outpace demand.
Brent crude declined as much as 1% to $59.96 a barrel, extending its losses for the year. Meanwhile, West Texas Intermediate (WTI) crude traded around $56 a barrel, reflecting continued pressure across oil benchmarks.
The latest decline comes amid expectations that the supply-demand imbalance could persist into next year, with production growth projected to exceed consumption at a record pace. Market participants remain cautious as rising output and subdued demand continue to weigh on prices.
Oil markets have remained under pressure in recent sessions, with traders closely monitoring inventory trends, production outlooks, and broader macroeconomic signals influencing energy demand.
