Crude Oil Futures slip after a weak Friday close as rising Inventory, soft Oil Demand, and OPEC Production risks weigh on the broader Oil Outlook.
Crude oil saw a mild bounce in thin Friday trading, but both WTI and Brent remain stuck in broader downtrends. Key resistance levels sit overhead, keeping the market in a fade-the-rally posture unless major breakouts occur.
Oil prices remain on track for their largest yearly loss since the pandemic. They may be near a short-term bottom, however, with the lower prices likely to boost demand and temper global production.
Oil prices are projected to remain under pressure in 2026, as swelling supplies eclipse modest demand growth, while geopolitical risks could cap deeper losses, a Reuters poll showed on Friday.
WTI near $59 and Brent near $63 as traders weigh supply uncertainty and geopolitical shifts. Natural gas momentum improves with RSI signaling renewed buying interest.
The oil market feels “thin and directionless ahead of the OPEC+ meeting and the U.S. Thanksgiving lull,” said Phillip Nova.
Oil giants have fled California, but James Flores and his company Sable Offshore are desperate to get in, even if it means crossing swords with the state.
OPEC+ is likely to leave oil output levels unchanged at its meetings on Sunday and to agree on a mechanism to assess members' maximum production capacity, two delegates from the group and a source familiar with OPEC+ talks told Reuters.
Crude oil slides as peace deal speculation, rising inventories, and OPEC production plans pressure prices, leaving the short-term oil outlook firmly bearish.
Geopolitical tensions, OPEC+ uncertainty, and rising surplus risks drive a bearish Natural Gas and Oil forecast as WTI and Brent struggle inside descending channels.
Oil faces pressure from bearish technicals, while natural gas exhibits a bullish outlook, supported by strong fundamentals and improving forecasts for 2025.
Oil prices fell on Thursday on expectations of a Ukraine‑Russia ceasefire which could pave the way for the unwinding of Western sanctions against Russian supply, though trading was set to remain thin due to the U.S. Thanksgiving holiday.