Jakarta, hitclubapk3 Indonesia
—
Price
crude oil
The world moved flat at the start of trading Thursday (6/11), after previously falling to its lowest level in two weeks due to pressure from weak
global demand
and oversupply in the market.
Quote
Reuters,
Brent crude oil futures prices edged up 2 cents or 0.03 percent to US$63.54 per barrel.Meanwhile, United States West Texas Intermediate (WTI US) crude oil was recorded stable at US$59.60 per barrel.
In J.P.Morgan, global oil demand until November 4 2025 will only increase by 850 thousand barrels per day (bpd), lower than the previous projection of 900 thousand bpd.
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The bank assesses that oil consumption in the US is still sluggish, reflected in low travel activity and container shipping.
The decline in prices was also triggered by a report by the US Energy Information Administration (EIA) which recorded an increase in crude oil stocks by 5.2 million barrels to 421.2 million barrels in the last week.This figure far exceeded market expectations which predicted an increase of around 603 thousand barrels.
The Capital Economics research institute estimates that pressure on oil prices will continue in the near future.
“We expect downward pressure on oil prices to persist, with projected prices in the range of US$60 per barrel by the end of 2025 and US$50 per barrel by the end of 2026,” the agency wrote in a note.
Global oil prices themselves have recorded declines for three consecutive months until October 2025, due to concerns about excess supply.This condition is exacerbated by increased production from OPEC member countries and their allies, as well as non-OPEC producers who continue to increase output.
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(ldy/pta)
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