Oil Prices Slip as EV Adoption and Surplus Loom

Brent oil prices have been experiencing a downward trend since late April, when they reached a peak of $126 per barrel.

The price has now fallen by 1% to around $70.64 to $70.82 per barrel, reflecting a significant reversal from the wartime spike observed earlier this year.

According to analysts, the decline in prices is attributed to weaker oil demand growth and increased adoption of electric vehicles (EVs).

The International Energy Agency (IEA) has also indicated that the global oil balance may tilt towards surplus later this year, contributing to the downward pressure on prices.