Oil Prices Dip Amid US Shutdown End, Oversupply Concerns

Oil prices experienced a minor dip in Asian trading on November twelfth, despite signs of an impending end to the U.S. government shutdown. Concerns over potential oversupply and a robust dollar kept prices from surging. Brent crude futures for January delivery fell by 0.2%, settling at $65.04 a barrel, while West Texas Intermediate crude futures also dropped by 0.2%, reaching $60.85 a barrel. The U.S. Senates approval of a bill to reopen the government offered some relief, but overall, oil prices are trading lower for the year 2025 due to worries about an oversupply in 2026, driven by increased production from OPEC Plus and sluggish demand, particularly from China.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.