Brent Ends Q2 Sharply Lower on Supply Recovery Fears – ING

ING analysts Warren Patterson and Ewa Manthey report that ICE Brent crude oil ended the second quarter sharply lower. The decline reflects market expectations of a recovery in Persian Gulf supply alongside record-high US production.

The analysts note that these supply-side factors are pressuring prices, outweighing any near-term demand concerns. Brent's Q2 performance underscores the bearish sentiment driven by anticipated increases in global crude availability.