Here is why brent crude falls to its five-month low (Photo: Unsplash) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Brent crude oil futures plummeted to a five-month low, falling below $62 per barrel, as concerns over a global oil supply glut and weakening demand gains traction. In the last five months, the commodity has seen a sharp drop of over 7%, and is currently trading slightly over $60.

Several factors converge to explain this slump. First, the International Energy Agency upgraded its forecast for global oil supply while lowering projected demand growth, warning of a potential surplus of up to three to four million barrels per day extending into 2026.

Secondly, major oil producers including OPEC+ and non-OPEC nations are lifting output, stretching inventories de

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