Oil Rebounds Slightly Ahead of OPEC+, Surplus Risk Looms
Oil prices edged higher on Thursday after falling nearly 7% in the last three sessions. Brent traded around $66/barrel and WTI above $62. EIA data showed US crude inventories rose for the first time in three weeks, while gasoline stocks surged the most since June. Refinery runs declined, likely due to maintenance.
The market awaits the OPEC+ meeting later this week, which is expected to restore supply idled for November, although concerns about a global surplus are growing. Several Wall Street banks even predict Brent could fall to the $50s next year. On the supply side, the Ceyhan terminal in Turkey is scheduled to load the first cargo from the Iraqi Kurdish region since 2023, adding to the market.
According to Priyanka Sachdeva (Phillip Nova), weak demand growth while supply is abundant, signaling potential oversupply in 2026. At 11:08 a.m. Singapore time, December Brent rose 0.5% to $65.70, and November WTI strengthened 0.5% to $62.11. The near-term focus remains on the OPEC+ decision, US inventory trends, and Ceyhan export flows. (ads)
Source: Newsmaker.id
