Jakarta, hitclubapk3 Indonesia
—
Price
crude oil
The world weakened slightly again in trading Thursday (13/11), after data showed an increase
stock
crude oil in the United States (
US
).
Apart from that, revisions to global supply projections by the Organization of the Petroleum Exporting Countries (OPEC) also put pressure on oil prices.
Quote
Reuters
, Brent crude oil futures fell 9 cents or 0.1 percent to US$62.62 per barrel, after falling 3.8 percent.Meanwhile, US West Texas Intermediate (WTI US) fell 11 cents or 0.2 percent to US$58.38 per barrel, continuing its 4.2 percent decline the day before.
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The drop in prices came after an American Petroleum Institute (API) report showed US crude oil stocks rose by 1.3 million barrels in the week ending November 7.
Even though gasoline and distillate inventories fell, the increase in crude oil stocks strengthens concerns that global supply is still excess compared to current fuel demand.
“The recent drop in prices appears to have been triggered by OPEC’s revised supply-demand balance for 2026 in its monthly report. This suggests the group now recognizes the potential for oversupply in 2026, in contrast to the optimistic stance held previously,” said Suvro Sarkar, senior energy analyst at DBS Bank.
According to him, the change in OPEC’s view is in line with the organization’s decision to postpone the lifting of voluntary production cuts in the first quarter of 2027. However, Sarkar believes the market reaction was too excessive because supply fundamentals have not changed significantly.
In its monthly report, OPEC projected global oil supply will slightly exceed demand in 2026, driven by increased output from the OPEC+ alliance, which includes OPEC members and partners such as Russia.
Meanwhile, the Energy Information Administration (EIA) is scheduled to release official US oil inventory data on Thursday evening local time.The agency also said in its Short-Term Energy Outlook report that US oil production will reach a new record high this year, exceeding previous estimates.
EIA estimates that global oil supplies will continue to increase until 2026 because the rate of production grows faster than fuel demand, thereby adding pressure to world oil prices.
However, a number of analysts expect oil prices to remain around US$60 per barrel, due to potential short-term disruption to Russian exports following the implementation of stricter sanctions.
“There will be quite strong support for oil prices around US$60 per barrel, especially if Russian exports are disrupted when new sanctions are imposed,” Sarkar added.
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(ldy/pta)
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