oversupply

Oil futures rose for a third consecutive session as concerns around the impact of Russia sanctions and gains in distillate futures countered underlying views about oversupply.

Oil futures settled lower in choppy trade with geopolitical premium from Ukraine’s continued strikes on Russian refineries offset by concerns about oversupply.

Despite that, there’s still an oversupply of soybeans globally, where prices are still not high enough to make up for rising farmer costs.

Oil futures fell, with a large weekly increase in U.S. crude inventories adding to downside pressure in a market concerned about weaker demand and oversupply.

Without sanctions-related shortfalls, the oil market is likely to be oversupplied in the coming year, the commodity analyst says.