Oil Edges Lower On Supply Glut Fears

Oil prices declined on Monday due to concerns about a significant global oil surplus expected next year, with Goldman Sachs projecting a 3 million barrels per day surplus. This oversupply is driven by increased production from OPEC+ and major Persian Gulf producers, alongside factors like China's reduced imports and potential Iranian export increases. Brent crude and WTI crude futures both saw drops, reaching their lowest levels since late February.