Overview
- Brent settled at about $60.85 and WTI at $57.42, leaving annual declines near 19% and 20% respectively.
- OPEC+ paused additional output increases for the first quarter of 2026 after restoring roughly 2.9 million bpd since April, with delegates expecting the group to stick to the pause at Sunday’s video meeting.
- The IEA projects supply will exceed demand by roughly 3.8–4.0 million bpd in 2026, while banks such as Goldman Sachs see further downside with average prices near $56 for Brent and $52 for WTI.
- Stock signals remain bearish as the EIA reported a crude draw alongside large gasoline and distillate builds, and Vortexa estimated floating storage rose 15% week over week to about 129 million barrels.
- Geopolitical tensions offered only limited price support, with a U.S. blockade of sanctioned Venezuelan tankers, U.S. strikes in Nigeria, and attacks on Russian energy infrastructure, while analysts say Russia’s oil export revenues in rubles fell about 50% this year.