Crude's having a rough week—shaping up to be the third straight weekly drop. WTI's stuck below $59, Brent's hovering around $63, and the culprit? A supply glut that just keeps getting worse.

Both IEA and OPEC+ are painting the same picture: way too much oil, not enough demand. We're talking record surplus projections here. The sanctions on Rosneft and Lukoil threw in a bit of support—classic supply disruption narrative—but it's barely making a dent. The broader market's still drowning in excess supply.

Weak demand fundamentals aren't helping either. When you've got data from two major oil watchdogs confirming a deepening supply surplus, it's tough for prices to find any real footing. The sanctions might tighten things up on paper, but reality's telling a different story. Until this surplus situation sorts itself out, don't expect oil to stage any meaningful recovery.

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0xOverleveraged

· 11-14 00:13

The oil prices have really gone crazy this time, falling for three consecutive weeks... it doesn't make sense anywhere that there is an oversupply.

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MoodFollowsPrice

· 11-14 00:13

Crude oil has really been disappointing this week, the oversupply is never-ending. --- Another week in the red, IEA and OPEC+ are singing the same tune, it's giving me a headache. --- WTI falling below 59 is just ridiculous... this oversupply pit will take a long time to fill. --- Sanctioning Rosneft and Lukoil, is that it? It's simply not going to work. --- With weak demand and oversupply, where is the crude oil going to find a way out? --- Three consecutive weeks of decline, I'm completely numb, short positions are having a blast. --- On paper it's tense, but in reality, there's still a pile of oil, the gap is quite large. --- Wait, when will this be able to recover... is there still hope for this year? --- demand is so weak, more sanctions are useless, let's return to the fundamentals. --- Brent is holding at 63, but it feels like it will dip further.

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MetaNomad

· 11-14 00:13

Oil prices have fallen drastically, and the issue of oversupply really can't be saved. --- Once again, it's IEA and OPEC+ acting in concert, there's just too much oil that no one wants. --- Sanctioning Russian oil sounds intimidating, but in reality, it’s useless; oversupply is the real problem. --- WTI falling below 59, without improvement on the demand side, it’s hard to see a rebound. --- Tightening supply on paper doesn’t mean much; the market is drowning in oversupply. --- The current downturn in the oil market... it's really hard to watch, three consecutive weeks of decline. --- With such poor demand fundamentals, sanctions can't save crude oil.

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GlueGuy

· 11-14 00:06

Oil prices have started to fall again this week, the oversupply is really going to crush the market.

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MetaverseLandlord

· 11-13 23:54

Oil prices are about to fall again, and the oversupply really can't be suppressed.

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ChainMaskedRider

· 11-13 23:49

The oil prices are really taking a hit this time, and the issue of overcapacity seems never-ending.