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flag Oil prices dropped for a third week amid global surplus fears, rising U.S. inventories, and weakening demand.

flag Oil prices fell for a third consecutive week, with Brent crude dropping to around $60.90 and WTI to $57.40, driven by growing concerns over a global supply surplus, rising U.S. inventories, and weakening demand. flag The International Energy Agency raised its forecast for a record 2026 oil glut, while OPEC+’s production increase and a potential U.S.-Russia diplomatic breakthrough eased geopolitical risks. flag U.S.-China trade tensions and a record 13.6 million barrels per day in U.S. output further pressured markets, though some support came from Chinese stockpiling and threats of sanctions on Russian oil buyers.

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