Supply-driven price decline continues in oil and natural gas
The Bloomberg Commodity Spot Index has hit a new low due to supply-driven price declines in oil and natural gas.
Supply-driven price declines in oil and natural gas have led to new lows in Bloomberg's benchmark commodity index.
The Bloomberg Commodity Spot Index fell 2 percent on Wednesday, reaching its lowest level since August 2021. The index's loss for this year has reached 12 percent.
Oil prices are the primary factor in the decline. Concerns over a global supply glut have pushed U.S. crude oil below 70 dollars. On Wednesday, Brent crude also fell below 75 dollars, hitting its lowest level since June.
The price drops are occurring despite the decision by OPEC+ countries to maintain supply cuts. Following the OPEC+ agreement, Russian President Vladimir Putin also made one of his rare foreign visits to Saudi Arabia to discuss this agenda, meeting with Crown Prince Mohammed bin Salman, the leader of the country implementing the largest oil supply cuts. The meeting also addressed OPEC+ cooperation.
News Source: 12punto
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