Brent crude sees steepest weekly drop since April 2020, UBS warns of price floor
Photo: Crypto Briefing
Brent crude oil is experiencing its steepest weekly decline since April 2020, with prices falling nearly 16% this week. Despite this sharp drop, UBS has issued a cautionary note, highlighting that depleted global oil inventories could provide a price floor. The downturn in oil prices follows a significant 8.7% single-session drop, influenced by a reduction in geopolitical risk as Gulf shipments have normalized. However, U.S. commercial crude inventories have shown a decline, supporting UBS’s view of potential price support. Observers should monitor geopolitical developments in the Middle East, as any renewed tensions could impact oil supply and influence price movements.
Source: Crypto Briefing
