Brent and WTI Crude Oil Prices Retain Most of Their Losses
Istanbul, December 10 (Hibya) – West Texas Intermediate (WTI) crude futures traded around $58 per barrel and Brent crude futures around $62 per barrel on Wednesday, retaining most of their two-day losses, as persistent concerns about global oversupply continued to pressure prices.
Investors are now awaiting key reports from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) for clearer market signals ahead of the weekend.
U.S. energy officials forecast that domestic oil production will reach a record 13.6 million barrels per day this year, adding further pressure to an already saturated global market.
Investors are also closely monitoring diplomatic efforts to end the Russia–Ukraine conflict, which could reduce the geopolitical risk premium.
Meanwhile, data from the American Petroleum Institute (API) showed a 4.8 million barrel decline in U.S. crude inventories last week, while gasoline and distillate stocks rose sharply.
Markets are also watching for the U.S. Federal Reserve’s decision, as a widely expected 25 basis point rate cut next year could support fuel demand.
Usa News Agency
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