Oil on Track for Weekly Decline

2026-02-13 00:39 By Kyrie Dichosa 1 min. read

WTI crude oil futures fell to around $62.5 per barrel on Friday, extending a nearly 3% loss from the previous session and heading for a second straight weekly decline, amid persistent oversupply concerns.

The International Energy Agency reiterated that the market is likely to face a surplus of just over 3.7 million barrels per day in 2026, marking a record annual average glut, while also lowering its global oil demand forecast for that year.

In its monthly report, the agency added that global inventories expanded in 2025 at the fastest pace since the 2020 pandemic.

Meanwhile, President Donald Trump said talks with Iran could stretch on for as long as a month, reducing the near-term likelihood of military action that could disrupt supplies.

For now, he is pursuing a diplomatic approach aimed at limiting the country’s nuclear program.

Adding to the broader weakness, a sharp selloff across financial markets also weighed on prices.



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