Oil Prices Stabilize, Surplus Growth Projected

Oil prices are stabilizing after a recent dip, with Brent crude trading just above sixty-two dollars a barrel and West Texas Intermediate close to fifty-nine dollars. Traders are awaiting this weeks reports from the Energy Information Administration, International Energy Agency, and OPEC to understand the current oil surplus. The IEA predicts a record surplus for next year, and any changes to these market forecasts will be closely watched. Since November, crude oil has been trading within a narrow range, and investors are considering the effects of sanctions against Russia and potential reduced oil exports. ING Groeps Warren Patterson forecasts Brent crude to average fifty-seven dollars a barrel in 2026, assuming Russian oil continues to flow despite US sanctions. India, a major buyer of Russian seaborne crude, is expected to decrease its purchases, which will likely be a key discussion point in trade negotiations with the US. Ongoing attacks by Ukraine on Russias energy infrastructure could disrupt crude output and exports to global markets.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.