Brent oil prices fell by 1%, with futures around $70.64 to $70.82 per barrel. This decline is part of a downward trend since late April when Brent traded above $126 per barrel. The International Energy Agency forecasts a shift towards a global oil surplus later this year. Analysts attribute the trend to weaker oil demand growth and increased electric vehicle adoption. This movement suggests a reduced likelihood of reaching new all-time highs in the near term.
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