Bloomberg: Oil prices caught between a $70 summer and growing surplus fears ...Middle East

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Bloomberg reports on the main influences trapping oil prices.

Bloomberg is gated, but in brief:

Oil traders grappling with tension between warnings of a weakening market and strong current prices near $70 a barrel.The International Energy Agency and the US Energy Information Administration expect a surplus of oil next year, with the IEA projecting a surplus of 2 million barrels a day.According to Francisco Blanch, head of commodities and derivatives research at Bank of America Corp, the surplus in the second half of the year will ultimately weigh on prices.France’s TotalEnergies SE warned the market is facing abundant supply as the OPEC+ group unwinds output curbs, even as slowing global growth weighs on demand. Norway’s Equinor ASA said its new Johan Castberg field is operating at full capacityBrazilian offshore asset starting soon, additional barrels expected outside OPEC This article was written by Eamonn Sheridan at investinglive.com.

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Last updated : 28 July 2025 clock 02:12 AM

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