Oil Falls to 3-Week Low

2025-11-12 13:33 By Agna Gabriel 1 min. read

WTI crude oil futures fell over 4% to around a three-week low of $58.42 per barrel on Wednesday, after three straight sessions of gains, as OPEC revised its outlook to show a supply surplus in the third quarter.

The group now estimates global supply exceeded demand by about 500,000 barrels per day, reversing its prior deficit forecast.

The revision reflects stronger-than-expected US production and higher OPEC output.

The US Energy Information Administration will release its monthly report later Wednesday, followed by the International Energy Agency’s outlook on Thursday.

The IEA recently softened its view on peak oil demand, now suggesting global consumption could continue rising until 2050.

Oil prices have weakened this year amid concerns of oversupply, with OPEC+ restoring capacity and non-member producers increasing drilling.

Still, US sanctions on Russia’s top oil firms linked to the Ukraine conflict appear to be taking effect, with Lukoil declaring force majeure at an Iraqi field.



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