The International Energy Agency warns of a 600,000 barrel-per-day oil surplus as demand weakens in late 2024 and early 2025.

Oil prices rebounded after a sharp decline, as uncertainty over energy supply disruptions continued to weigh on market sentiment. Geopolitical tensions have dimmed prospects for increased Russian energy exports, sustaining volatility in crude markets.

Meanwhile, escalating global trade disputes threaten demand, with the International Energy Agency revising down its oil consumption forecasts for late 2024 and early 2025. While supply growth remains strong, energy traders remain cautious as ongoing instability could trigger renewed price spikes.