Oil Prices Set to Extend Losing Streak as Floating Storage Soars

Market Intelligence Analysis

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Why This Matters

Oil prices are expected to decline further due to concerns about supply overhang, despite a slight increase from Thursday's levels. Record crude oil volumes are being stored on floating vessels, and the market is also affected by US sanctions on Russian oil flows. This indicates a bearish sentiment in the oil market.

Market Impact

Market impact analysis based on bearish sentiment with 90% confidence.

Sentiment
Bearish
AI Confidence
90%

Article Context

Note: This is a brief excerpt for context. Click below to read the full article on the original source.

Crude oil prices were on course for another weekly decline today as worries about a supply overhang deepened amid reports of record crude oil volumes going into floating storage and despite the first signs of disruption in outbound Russian oil flows following the latest U.S. sanction push. At the time of writing, Brent crude was trading at $63.69 per barrel and West Texas Intermediate was changing hands for $59.73 per barrel. Both benchmarks were up from Thursday but down from the start of the week as traders focused on supply. There have been…

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Original article published by OilPrice.com on November 7, 2025.
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