Oil Prices Stabilize Amid Ongoing Supply Concerns

Oil prices have stabilized after a week of decline, but concerns about supply disruptions remain. The price of Brent crude futures rose by $0.27 to $67.79 per barrel, while US West Texas Intermediate (WTI) crude gained $0.21 to $63.05 per barrel.

The recent increase in prices was attributed to the easing of tensions between the US and Iran, following comments from President Donald Trump that a deal could be made with Tehran within the next month. However, this optimism was short-lived as reports emerged that a second US aircraft carrier is heading to the Middle East, sparking concerns about potential supply disruptions.

The International Energy Agency (IEA) has lowered its global oil demand forecasts for this year, citing weaker-than-expected growth. This has added pressure on prices, which are set to decline by 0.3% and 0.7% respectively for Brent and WTI crude. Meanwhile, Venezuela's oil supply is expected to increase, with analyst Tony Sycamore predicting that it will rise from 880,000 barrels per day to 1.2 million bpd.