Crude Futures Settle Lower on Surplus Concerns

Core Viewpoint - Oil futures are experiencing a decline as concerns about oversupply overshadow geopolitical factors, including U.S. actions against a sanctioned oil tanker off Venezuela [1] Group 1: Market Dynamics - The International Energy Agency has reduced its supply surplus forecast for the first time since May, yet it still anticipates that supply will exceed demand by 3.8 million barrels per day in 2026 [1] - Market sentiment suggests that expecting significant upward movement in oil prices is unrealistic, despite ongoing sanctions against Russia and potential military actions in Venezuela [2]