Mumbai, Oct. 15 -- International Monetary Fund has stated that crude oil prices decreased 5.4 percent between March 2025 and August 2025 as tepid global demand growth and strong supply growth from both OPEC+ and non-OPEC+ contributed to bringing prices down. Barring the temporary price spike in mid-June from the Israel-Iran war, oil prices have been range-bound, trading between $60 and $70 since the US announcement of tariffs in early April. The tariff announcements induced a decrease in global demand expectations and coincided with the start of an accelerated production schedule from OPEC+ (Organization of the Petroleum Exporting Countries plus selected nonmember countries, including Russia).
Bearish fundamentals are now mostly in focus: ...