Oil Retreats as Concerns Over Looming Glut Cap Gains

Group 1 - Oil prices are experiencing a decline, with Brent crude down 0.6% to $68.05 per barrel and WTI down 0.7% to $64.54 per barrel [1] - A recent draw in U.S. crude stockpiles has created a perception of tighter crude availability in the short term, influenced by concerns over Russian supplies, production constraints in Venezuela, and Kurdish export disruptions [2] - The near-term outlook indicates that excess oil supplies are expected to enter global markets soon, contrasting with the current perception of tightness [2]