Oil faces largest quarterly drop since 2020
Oil prices remained nearly stable at settlement, but are on track for the biggest quarterly loss since the COVID-19 pandemic in 2020, amid forecasts of increased supply due to reduced tensions in the Gulf and potential talks between the United States and Iran. Brent crude fell to around $72.92, while West Texas Intermediate dropped to $69.50, with the market approaching levels seen before the outbreak of war between Iran and Israel in February. Banks like Morgan Stanley anticipate a surplus in the oil market of 4.8 million barrels per day in 2027, amid uncertainties regarding progress toward a permanent agreement with Iran.
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