Global oil inventories are likely to fall in the second quarter of this year, leading to a rise in Brent crude prices, but as OPEC+ unwinds its output cuts, prices are likely to decline late in 2025 through 2026,

A new scramble for crude oil market share in Asia may be kicking off as top exporters Saudi Arabia and Russia move to boost cargoes to the world's top importing region.

WTI crude oil continues to drop below the long-term support zone, while natural gas has hit strong resistance at $4.90.

The crude oil market continues to see a lot of noisy trading, but at this point in time, the markets are looking to determine whether or not the three year support area will continue to hold.

Brent prices have slipped to $70 per barrel amid Venezuelan oil supply at risk, and as OPEC+ sticks to increasing oil production, while commodities and risk assets in general are under pressure as trade policy uncertainty intensifies.

The American Petroleum Institute (API) on Tuesday reported an increase of 4.247 million barrels of crude oil in U.S. inventories for the week ending March 7.

Global benchmark Brent was down nearly 3% on Wednesday, recovering slightly from a three-year low hit earlier in the session, after U.S. crude oil stockpiles posted a larger-than-expected build, adding a further headwind as investors worried about OPEC+ plans to increase output in April and U.

Brent was down 3.8 per cent, its biggest weekly decline since the week of November 11, almost four months. US WTI finished down 3.9 per cent, its biggest weekly drop since the week of January 21.

Oil started the week under pressure as Saudi Arabia cut prices for April loadings, while poor China economic data weighed on sentiments.

The West Texas Intermediate for April delivery added 22 cents, or 0.33 percent, to settle at 66.25 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery went up 28 cents, or 0.4 percent, to settle at 69.56 dollars a barrel on the London ICE Futures Exchange.

Oil prices have fallen to their lowest level in six months, with Brent crude, the international standard, dropping below $70 a barrel and

U.S. crude oil stockpiles rose more than expected last week, while gasoline and distillate inventories fell as product exports rose amid refinery spring maintenance, data from the Energy Information Administration showed on Wednesday.