WASHINGTON (dpa-AFX) - Both the crude oil price benchmarks rebounded on Thursday after a massive plunge on the previous day. The end to the longest-ever shutdown of the U.S. government supported the demand outlook and the oil market sentiment.
Crude oil prices had plunged heavily on Wednesday in the aftermath of a report by OPEC that projected global oil supply to match demand in 2026. The latest report marked a shift from OPEC's earlier projection of a supply deficit in 2026. The crude oil inventory accumulation in the U.S. had also weighed on prices.
Brent Oil Futures for January settlement had plunged 3.76 percent on Wednesday while West Texas Intermediate (WTI) Crude Oil Futures for December settlement had erased 4.2 percent on the same day.
Meanwhile, the International Energy Agency in its monthly report released on Thursday reiterated concerns about the global oil market balances which it said are looking increasingly lopsided. According to the report, world oil supply is forging ahead while oil demand growth remains modest by historical standards. In the fourth quarter of 2025, global oil consumption growth is expected to ease relative to third quarter while crude supply is on course to rebound further, which according to the IEA is adding to market balances that look increasingly skewed.
Brent Oil Futures for January settlement is currently trading at $63.09, having gained 0.61 percent from the previous close of $62.71. The day's trading ranged between $62.35 and $63.10 whereas the 52-week trading range was between $58.4 and $82.63.
Brent has slipped 0.5 percent over the past week, limiting monthly gains to 1.1 percent. Year-to-date losses are a little more than 15.5 percent. Brent oil is currently down more than 32 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for December settlement gained 0.6 percent from the previous close of $58.49 to trade at $58.81. Prices ranged between a high of $58.85 and a low of $58.13 in the day's trading. Trading has ranged between $55.12 and $80.59 over the past 52 weeks.
With weekly losses exceeding 1 percent, gains over the past month have decreased to 0.9 percent. Year-to-date losses are close to 17.5 percent. Prices are currently almost 31 percent below the levels three years ago.
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