Here’s why oil prices are climbing to their highest levels in two weeks, despite a group of oil producers agreeing to open the floodgates of global crude supply.

US EIA’s short-term energy outlook (STEO) report said that the Brent crude oil price in its forecast averages $69 per barrel this year, which is $3 per barrel higher than in last month’s STEO, which was released just before the conflict over Iran’s ...

Oil prices are expected to fall in the coming autumn months due to the emerging oversupply, according to experts.

Analysts and investment banks predict oil prices will remain below $70 per barrel for the rest of 2025 due to market oversupply and uncertain demand, despite Middle East tensions.

Shell shares slumped 3% in London trade as the oil giant was pressured by the fall in oil prices, as well as its own trading update in which it reported declining production as well as weaker trading results.

Crude oil futures eased on Tuesday, falling Rs 6 to Rs 5,790 per barrel due to weak spot market demand. Global crude prices also saw a decline.

Global oil supply will expand almost four times faster than demand this half, pressuring prices as stockpiles build, according to RBC Capital Markets LLC, which sees Brent falling to the mid-$50s a barrel.

Crude oil futures traded lower on Tuesday morning as markets anticipated that OPEC+ (Organisation of the Petroleum Exporting Countries and allies) would increase production in August.

The national average gas price has declined 3.8 cents in the past week, standing at $3.14 per gallon. Prices are expected to continue falling ahead

This summer could bring the lowest gas prices in years, with the national average falling below $3 a gallon as early as September, says one expert.

Oil prices were moved by both reports Iran was suspending cooperation with nuclear inspectors and reports of increasing supplies and tariff uncertainty.