Global oil prices dropped sharply on Saturday, hitting their lowest levels in about a month. Brent crude fell to $62.56 per barrel, while U.S. West Texas Intermediate crude slipped to $58.06.
Experts say the main reason is growing expectations of more oil coming onto the market. Talks of a possible peace agreement between Russia and Ukraine have raised hopes that Russian oil could return to international markets, easing previous supply concerns.
At the same time, traders are keeping an eye on upcoming OPEC+ decisions about production levels. With supply worries easing, the group faces pressure to strike a balance between keeping markets stable and meeting demand.
Overall, the drop reflects a shift from the tight supply concerns that had been driving prices higher in recent months.
