Oil Rises Slightly, But Surplus Shadows Remain Heavy
Oil prices edged higher on Friday, but the weekly trend remained negative as the market weighed on projections of a large supply surplus and surging inventories.
At 6:05 a.m. ET, April Brent rose 0.4% to $67.80/barrel and WTI rose 0.4% to $63.06/barrel. Despite the rebound, both were still hurt after dropping nearly 3% in the previous session and are now headed for a weekly decline of around 1%.
The main pressure came from an IEA report estimating the global market is at risk of a surplus of more than 3.7 million barrels per day by 2026, coupled with global inventories rising at the fastest pace since the pandemic—a sign of “loose” supply. From the US, EIA data showed crude inventories jumped 8.53 million barrels (the largest increase since January 2025), indicating abundant supply and less aggressive refinery demand.
On the geopolitical front, Trump's comment that nuclear negotiations with Iran could last up to a month also reduced the risk premium. The market also tends to be cautious ahead of the US CPI release, as inflation data could alter Fed interest rate expectations and overall risk sentiment.
Source: Newsmaker.id
