(Nov 12): Oil steadied following a three-day gain ahead of reports that’ll shed light on the outlook for global crude market balances into 2026.
West Texas Intermediate held near US$61 a barrel, after rising 1.5% on Tuesday (Nov 11) while global benchmark Brent closed above US$65. Later Wednesday, producers’ alliance Opec is due to issue its monthly market analysis, while the International Energy Agency releases its annual energy outlook.
Crude has lost ground this year amid concerns that the market is headed for a surplus, with Opec and allies including Russia restoring capacity, while drillers outside the group also raise production. The Paris-based IEA has already forecast that there’ll be a record glut next year and banks including Goldman Sachs Group Inc have warned of rising oil inventories.
Prices:
- WTI for December delivery was little changed at US$61.02 a barrel at 7.29am in Singapore.
- Brent for January settlement closed 1.7% higher at US$65.16 a barrel on Tuesday.
Uploaded by Arion Yeow
