Oversupply concerns dominate market sentiment, with oil prices falling for a third consecutive day
2025-10-28 08:20:57
On October 28th, oil prices fell for a third consecutive session on Tuesday, as the negative impact of OPEC +'s production increase plan on oil prices outweighed the boost from trade optimism. Sources said OPEC + is leaning towards another small increase in production in December. Previously, the Trump administration's sanctions against two Russian oil companies have greatly boosted oil prices, and investors are now wondering whether these sanctions are still effective. Birol, director of the International Energy Agency, said: "The sanctions that some countries are implementing or considering imposing on certain countries may push up crude oil prices. But in my opinion, the impact is still limited, and our oil prices are still around $60 because we have a lot of excess capacity, a lot of oil."
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