Oil prices fall sharply after OPEC forecast

Oil prices fell more than $2 per barrel in trading on November 12 as the Organization of the Petroleum Exporting Countries (OPEC) said that global oil supply could balance demand by 2026, instead of a deficit as previously forecast.

Pumping gas for vehicles at a gas station in Jiangsu, China. Photo: THX/TTXVN

Brent crude futures settled at $62.71 a barrel, down $2.45, or 3.76 percent, after rising 1.7 percent on November 11. U.S. West Texas Intermediate (WTI) crude closed at $58.49 a barrel, also down $2.55, or 4.18 percent, after rising 1.5 percent in the previous session.

OPEC said the increase in production by OPEC and its partners (also known as OPEC+) will help global oil supply in 2026 balance with demand, instead of a deficit as previously forecast.

Phil Flynn, senior analyst at Price Futures Group, said the prospect of a balanced oil market is the main reason for the decline in oil prices. Tony Sycamore, an analyst at IG Bank, said the prospect of the US government reopening could help improve consumer confidence and boost economic growth, thereby increasing demand for crude.

The US Energy Information Administration (EIA) is scheduled to release its energy outlook report on November 13.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-giam-manh-sau-du-bao-cua-opec-20251113071134710.htm