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Oil Markets Stabilize Despite IEA Warning of Global Oversupply

Oil prices rebounded on Friday with Brent crude up 0.77% to $70.42 and WTI up 0.87% to $67.13, recovering from the previous day’s losses. The recovery stems from diminishing hopes for a quick end to the Ukraine conflict after Russian President Putin expressed only conditional support for a U.S.-proposed ceasefire.

Additional factors influencing prices include the expiration of a U.S. license for energy transactions with Russian financial institutions, Chinese state firms reducing Russian oil imports due to sanctions risks, and the International Energy Agency’s warning of potential global oil oversupply of 600,000 barrels per day this year.

Original Source: CNBC

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