Oil steadied following a three-day gain ahead of reports that'll shed light on the outlook for global crude market balances into 2026.
West Texas Intermediate held near $61 a barrel, after rising 1.5% on Tuesday, while global benchmark Brent closed above $65. Later Wednesday, producers' alliance OPEC is due to issue its monthly market analysis, while the International Energy Agency releases its annual energy outlook.
Crude has lost ground this year amid concerns that the market is headed for a surplus, with OPEC and allies including Russia restoring capacity, while drillers outside the group also raise production. The Paris-based IEA has already forecast that there'll be a record glut next year, and banks including Goldman Sachs Group Inc. have warned of rising oil inventories.
Source: Bloomberg
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