WASHINGTON (dpa-AFX) - Oil prices fell on Wednesday amid oversupply worries after industry data showed higher crude inventories in the United States.
Benchmark Brent crude futures fell 0.9 percent to $64.32 a barrel while WTI crude futures were down 0.9 percent at $60.13.
The American Petroleum Institute (API) reported a significant increase in U.S. oil inventories, suggesting an increase in oil supply relative to demand.
The latest report from API showed U.S. commercial crude stocks rose by about 4.4 million barrels in the week to 14 November, marking a substantial build from the previous period's 1.30-million-barrel increase.
Gasoline and distillate inventories also posted builds ahead of the crucial EIA figures to be released later in the day.
New projections of a global supply surplus also reinforced a bearish outlook for the commodity.
EIA, IEA, and OPEC all anticipate a global oil surplus in 2026, driven by robust non-Opec+ supply growth outpacing demand.
Goldman Sachs sees oil prices falling through 2026 as delayed long-cycle projects come online, OPEC+ unwinds more of its remaining cuts, and non-OPEC supply from the U.S. and Brazil continues to edge higher.
The bank sees Brent averaging about $56 and WTI about $52 in 2026, well below current forward prices.
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