Oil prices have risen, but they may record a significant decline over the past week. Currently, all parties are making diplomatic efforts to end the Russian-Ukrainian conflict, and overall bearish fundamentals indicate that there will be an oversupply in the market next year. Brent crude rose 0.5% to $61.59 a barrel, and West Texas Intermediate rose 0.6% to $57.77 a barrel. However, these two benchmark crude oils fell 2.6% and 3.2%, respectively, this week. Negotiations between Russia and Ukraine are expected to be the main focus next week, while traders are watching the growing tension between the US and Venezuela. Meanwhile, the International Energy Agency said that the scale of oversupply estimated by the market has narrowed, but a large amount of oversupply continues to cast a shadow over the outlook. OPEC's supply and demand forecasts show that the market will be relatively balanced next year. An ANZ analyst said, “This is a sharp reversal from the outlook earlier this year. The outlook at the time showed that the market would tend to be tight.”

Oil prices have risen, but they may record a significant decline over the past week. Currently, all parties are making diplomatic efforts to end the Russian-Ukrainian conflict, and overall bearish fundamentals indicate that there will be an oversupply in the market next year. Brent crude rose 0.5% to $61.59 a barrel, and West Texas Intermediate rose 0.6% to $57.77 a barrel. However, these two benchmark crude oils fell 2.6% and 3.2%, respectively, this week. Negotiations between Russia and Ukraine are expected to be the main focus next week, while traders are watching the growing tension between the US and Venezuela. Meanwhile, the International Energy Agency said that the scale of oversupply estimated by the market has narrowed, but a large amount of oversupply continues to cast a shadow over the outlook. OPEC's supply and demand forecasts show that the market will be relatively balanced next year. An ANZ analyst said, “This is a sharp reversal from the outlook earlier this year. The outlook at the time showed that the market would tend to be tight.”