Global oil prices have fallen to their lowest levels in four years, driven by mounting optimism over Ukraine-Russia peace negotiations. Traders are increasingly concerned about a looming oversupply, with forecasts suggesting crude could plunge into the $30s per barrel by 2027.
Brent crude traded around £47.36 ($62.81) per barrel on Wednesday, while West Texas Intermediate (WTI) hovered near £43.73 ($58). Both benchmarks have declined more than 14% year-to-date, as markets factor in potential sanctions relief for Russian energy exports and an expanding global supply surplus.
