Oil held a decline after the International Energy Agency projected an even bigger surplus next year, with the bearish outlook offsetting concerns about geopolitical tensions from the Middle East to Europe.
West Texas Intermediate traded near $62 a barrel after sliding 2% on Thursday. Brent settled above $66. The IEA's forecast for record oversupply followed a decision by OPEC+ over the weekend to keep returning idled barrels to the market in October, albeit at a modest rate.
Thursday's slump snapped a three-day advance, which was driven by Israel's strike on the Qatari capital of Doha targeting Hamas leadership, and Russian drones crossing into Polish airspace. President Donald Trump questioned the incursion, prompting oil to spike as investors covered short positions.
Oil is still set for a modest gain, but futures are lower for the year and are facing pressure from the looming surplus. Earlier in the week, the US Energy Information Administration said the widely anticipated glut was already underway, predicting inventories would swell in the current quarter.
Source: Bloomberg
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