- Oil set for third weekly decline
- The WTI prompt-month contract was up $0.17 at $57.63/bbl as of Friday morning (7:45 AM CT)
- Crude is on track for a third straight weekly decline amid mounting signs of oversupply and ongoing US–China trade tensions
- However, President Trump said high tariffs on China were “not viable,” suggesting potential for de-escalation even as broader tensions remain elevated
- Trump also announced plans to meet with Russian President Vladimir Putin “within two weeks or so” to discuss ending the war in Ukraine, a development that could pave the way for additional Russian supply returning to market
- The IEA raised its estimate of global oversupply for next year, with forecasts of a growing glut becoming increasingly prominent
- The EIA reported a 3.53 MMBbl build in US commercial crude inventories last week
- It marks the third consecutive weekly build, the first such streak since April, bringing total nationwide inventories to about 423.8 MMBbls
- China’s crude inventories decline (Bloomberg)
- China’s onshore crude inventories declined to 1.17 billion barrels this week, down from a record 1.20 billion barrels in mid-August, according to data from Kayrros
- The draws came from commercial stockpiles, partially reversing the country’s earlier stockpiling surge, a key factor that has supported global oil prices even as the broader market faces record oversupply
 |
||
|
|
||
|
|
||
 |
||
|
||
