Oil slides amid oversupply concerns

12:03 PM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices fell during trading on today, Nov. 25, amid growing concerns that global supply could exceed demand next year.

 

Brent crude was trading down 0.45% at $63.07 a barrel, at 08:57 am Makkah time. West Texas Intermediate (WTI) fell 0.4% to $58.59 a barrel.

 

Deutsche Bank expects a crude oil surplus of at least two million barrels per day by 2026, with no signs that supplies might fall into deficit even by 2027, Reuters reported.

 

The American Petroleum Institute's report on US oil inventories is expected later today, ahead of the official data release from the US Energy Information Administration on Nov. 26.

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