1014 GMT - The oil market has so far managed to absorb additional supply from OPEC+ due to low inventories and seasonally higher demand, analysts at Commerzbank Research say. "Following the sharp price drop at the beginning of April and a further decline at the beginning of May, the price of Brent oil has traded between $63 and $67 per barrel in recent weeks," analyst Carsten Fritsch says. However, he warns this balance could prove fragile if the cartel and its allies continue to ramp up production at the current pace. That could lead a considerable oversupply to develop in the fall. In midday trade, Brent crude and WTI are both up 0.5% at $65.93 and $63.70 a barrel, respectively. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
June 04, 2025 06:14 ET (10:14 GMT)
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