Global oil prices fell for a second straight session on Thursday after new data showed rising U.S. crude inventories<\/strong>, intensifying concerns over a looming worldwide supply glut<\/strong>.<\/p>\n\n\n\n Brent crude<\/strong> slipped 20 cents<\/strong> to $62.51 per barrel<\/strong>, extending Wednesday\u2019s 3.8% drop<\/strong>, while U.S. West Texas Intermediate (WTI)<\/strong> fell 24 cents<\/strong> to $58.25<\/strong>, after a 4.2% decline<\/strong> the previous day.<\/p>\n\n\n\n The downward pressure came after the American Petroleum Institute (API)<\/strong> reported a 1.3 million-barrel increase<\/strong> in U.S. crude stockpiles for the week ending November 7<\/strong>. The Energy Information Administration (EIA)<\/strong> is expected to release its official inventory report later Thursday.<\/p>\n\n\n\n UBS analyst Giovanni Staunovo<\/strong> noted that crude inventories are rising across key global hubs:<\/p>\n\n\n\n \u201cWe have seen a build in oil inventories across Europe, Singapore, Fujairah, and the United States based on preliminary data last week.\u201d<\/p>\n<\/blockquote>\n\n\n\n Prices also tumbled on Wednesday after OPEC<\/strong> projected that oil supplies will exceed global demand in 2026<\/strong>, marking a shift from its earlier more optimistic forecasts.<\/p>\n\n\n\n DBS Bank energy analyst Suvro Sarkar<\/strong> said the revision reflects OPEC\u2019s acknowledgment of a possible surplus:<\/p>\n\n\n\n \u201cRecent weakness seems driven by OPEC\u2019s revision of the 2026 supply\u2013demand balance, confirming the group is now acknowledging the possibility of a supply glut.\u201d<\/p>\n<\/blockquote>\n\n\n\n OPEC attributed the expected surplus to wider production increases from OPEC+<\/strong>, the coalition that includes Russia.<\/p>\n\n\n\n Adding to the bearish outlook, the International Energy Agency (IEA)<\/strong> raised its oil supply growth estimates for both 2025 and 2026, signaling an even larger surplus next year.<\/p>\n\n\n\n Meanwhile, the U.S. EIA<\/strong> said in its Short-Term Energy Outlook that American oil production is set to hit a higher record<\/strong> than previously forecast\u2014further boosting global supply at a time when demand growth is slowing.<\/p>\n\n\n\n Despite the bearish indicators, some analysts believe oil prices will find a floor near current levels.<\/p>\n\n\n\n \u201cThere should be considerable support around $60 a barrel, especially with potential short-term disruptions to Russian exports once stricter sanctions kick in,\u201d said DBS\u2019s Sarkar.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":" Rising crude stockpiles in the U.S. and new forecasts from OPEC and the IEA point to a growing global surplus through 2026. Global oil prices fell for a second straight session on Thursday after new data showed rising U.S. crude inventories, intensifying concerns over a looming worldwide supply glut. Brent crude slipped 20 cents to […]<\/p>\n","protected":false},"author":2,"featured_media":2687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[636,640,639,635,637,638,641],"class_list":["post-2686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-brent-crude-declines","tag-iea-supply-outlook","tag-oil-prices-fall","tag-opec-surplus-forecast","tag-oversupply-2026","tag-u-s-crude-inventories","tag-wti-price-drop"],"yoast_head":"\n\n
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