Are Global Supplies of Crude Outstripping Demand?

The video discusses the recent entry of the market into a bear phase, with a 20% decline from its highs, and a slight recovery. Brent crude is analyzed, showing an 18.5% drop since June, nearing a bear market. Global oil supply is outpacing demand, with increased output from Russia and the US. Saudi Arabia's price cut to Asia is highlighted. Technical analysis reveals a 'death cross' and oversold conditions in Brent crude, indicating potential market trends.

What are the current trends in global oil supply and demand as mentioned in the text?

What does a Relative Strength Index (RSI) below 30 indicate?