Overview
- Brent hovered near $62 and WTI around $58 after a two‑day drop of about 3%, with both benchmarks confined to a roughly $4 trading band since early November.
- The U.S. Energy Information Administration lifted its 2025 crude output forecast to about 13.61 million barrels per day and trimmed its 2026 view to 13.53 million bpd.
- Trafigura’s chief economist cautioned that a "super‑glut" could develop next year as new supply meets sluggish demand, reinforcing IEA projections of a 2026 surplus.
- Ukrainian attacks on Russian energy infrastructure, including the CPC terminal, and G7/EU discussions on shifting from a price cap to a maritime services ban kept supply risks in focus.
- Investors are tracking Russia‑Ukraine peace efforts and the U.S. rate decision, with fresh IEA and OPEC market reports this week expected to shape the next move in prices.