Oil Tanks to ~$59 as Glut Fears Mount – Experts Warn “Super Glut” Looming
Key facts: Oil prices have plunged to five-month lows amid a supply glut and demand worries. U.S. WTI crude recently hit about $58.7/barrel (Nov futures) and Brent ~$62.7 tradingnews.com rigzone.com – the weakest levels since May. Traders say the slide was triggered by rising OPEC+ output and a U.S.–China trade war scare (Trump’s 100% tariffs triggered a rapid selloff) tradingnews.com rigzone.com. The IEA now forecasts an unprecedented ~4 million barrels/day supply surplus in 2026 rigzone.com. OPEC’s Secretary-General Haitham al Ghais warns $18.2 trillion of new oil investment is needed through 2050 to avoid future shortages tradingnews.com. Banks and analysts are growing
