Geopolitical tensions and OPEC+ caution drive volatility in oil and natural gas markets. Key levels and demand forecasts reveal bullish and bearish trends.
Oil prices rose for a second day on Thursday after a larger-than-expected decline in U.S. crude oil stockpiles added to supply concerns stoked by U.S. sanctions against Russian energy trade.
Oil rose in early Asian trade. The market has made a remarkable rebound this week, primarily supported by positive surprises in U.S. inflation data, Pepperstone said.
Jarand Rystad, CEO and founder of Rystad Energy, says the oil market is "fundamentally" oversupplied in 2025.
U.S. crude oil inventories fell for an eighth consecutive week amid declines in imports and domestic production, while product stocks saw further large weekly builds.
"Oil is no longer an energy security challenge – it's going to be gas, electricity, predominantly minerals," Saudi Energy Minister Abdulaziz bin Salman told attendees at the annual Future Minerals Forum in Riyadh. The energy minister was referring to minerals critical to the energy transition and advanced technologies – including lithium, cobalt, nickel, graphite, manganese and other rare earth elements.
The crude oil market was somewhat soft in the early hours of Wednesday, as the markets that I follow here at FX Empire are both pressuring the major resistance barrier. At this point in time, the markets look bullish but might need a small correction.
The Vienna-based cartel retained its oil demand forecast for this year after a series of cuts and projected broadly stable growth into 2026.
Oil futures were up modestly Wednesday, finding support after snapping a three-day winning streak that had been driven in part by wider U.S. sanctions on Russia as well as cold weather in much of the U.S. and Europe.
OPEC on Wednesday forecast world oil demand in 2026 will rise at a similar, relatively robust rate to this year, while reducing its figure for 2024 for a sixth time highlighting China's sputtering role as the world's demand growth engine.
API reports a 2.6M-barrel crude draw, lifting prices, but EIA's bearish outlook looms as traders await the weekly inventories report.
Crude stockpiles drop 2.6M barrels, boosting Brent near $82 resistance. Geopolitical tensions keep oil prices volatile.