Petroleum prices edged lower on Wednesday, as investors weighed the International Energy Agency’s prediction of a supply surplus in 2026 and trade tensions between the United States and China that could curtail demand.
Brent crude futures fell 21 cents, or 0.3%, to $62.18 U.S. a barrel, while U.S. West Texas Intermediate futures eased 13 cents, or 0.2%, to $58.57 a barrel.
Both contracts closed at five-month lows in the previous trading session. The IEA said on Tuesday the global oil market could face a surplus next year of up to four million barrels per day, more than it earlier forecast, as the Organization of the Petroleum Exporting Countries and its allies (known as OPEC+) and other producers raise output and demand remains sluggish.
Six analysts polled by Reuters estimated on average that crude inventories rose by about 200,000 barrels in the week to October 10.
The weekly industry report from the American Petroleum Institute is expected at 4:30 p.m. EDT on Wednesday, and U.S. Energy Information Administration data at 10:30 a.m. EDT on Thursday.
Both reports are delayed by a day due to the Columbus Day/Indigenous Peoples’ Day holiday on Monday.
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