Global crude prices are falling for a second consecutive week, interrupting a prolonged rally that characterized the start of 2026. The downturn is driven by a broader retreat from risk assets across financial markets, as well as new signals from major commodity exporters.
Bloomberg reported the development.
Benchmark Brent crude dropped 0.9%, erasing earlier gains. The prospect of increased supply from OPEC+ has emerged as a key pressure point. According to the agency, some producers see an opportunity to resume output hikes as early as April, arguing that "fears of market oversupply are exaggerated."
The current slide follows a rally fueled by geopolitical tensions, particularly the standoff between the US and Iran. However, market sentiment is shifting.
Attendees at an energy conference in London this week forecast that global supply will outstrip demand this year. This could lead to a build-up of inventories in the Atlantic Basin, a key pricing region.
It is also worth noting that the Kremlin has proposed a return to the dollar and joint oil production to Trump.