- Oil drops on supply concerns ahead of OPEC+ meeting
- WTI prompt-month fell $0.76 to $63.21/Bbl Thursday morning (7:45 AM CT)
- Losses followed worries that OPEC+ could boost supply at Sunday’s meeting, adding to concerns about higher volumes later this year
- Bearish inventory data added pressure with Cushing stocks up 2.1 MMBbls last week and API reporting a 600 MBbl build in US crude inventories
- Russian Deputy Prime Minister Alexander Novak said OPEC+ will “look at the current situation as a whole” before deciding
- Goldman sees oil slumping in 2026
- Bank projects Brent to fall to the low $50s/Bbl by late 2026 on a forecasted 1.8 MMBbl/d global surplus
- Strong non-OPEC ex-US supply growth is expected to drive the surplus
- Analysts caution that moderating OPEC+ spare capacity still leaves markets vulnerable to sharp price spikes if supply disruptions occur
- UBS expects prices to stay near current range
- UBS sees Brent holding in the $60–$70/Bbl range near term, supported by tight balances
- Prices are expected to edge lower to $62/Bbl by year-end as supply rises
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