Oil prices steady after hitting two-week lows
MG News | November 06, 2025 at 11:01 AM GMT+05:00
November 06, 2025 (MLN): Oil prices were steady in early trading on Thursday, following a sharp drop to two-week lows in the previous session, as concerns over slowing global demand and rising crude inventories continued to weigh on the market.
Brent crude futures went up by $0.27, or 0.43%, to $63.79
per barrel.
West Texas Intermediate (WTI) crude futures decreased by $0.24,
or 0.40%, to $59.84 per barrel by [11:00 am] PST.
According to a client note from J.P. Morgan, global
oil demand has increased by 850,000 barrels per day (bpd) so far this
year through November 4 slightly below the bank’s earlier forecast of 900,000
bpd growth.
The note also highlighted that “high-frequency indicators
suggest that U.S. oil consumption remains subdued,” citing weak travel activity
and declining container shipments.
Prices came under additional pressure after the U.S.
Energy Information Administration (EIA) reported a larger-than-expected
rise in crude inventories. U.S. crude stockpiles surged by 5.2m barrels
to 421.2m barrels last week, far exceeding market expectations for a
modest 603,000 barrel increase.
Analysts at Capital Economics predicted further
downside for oil prices, saying, “We expect downward pressure on crude to
persist, aligning with our below-consensus forecast of $60 per barrel by
end-2025 and $50 per barrel by end-2026.”
Global oil prices also ended October lower for the third consecutive month, as fears of oversupply intensified. The OPEC+ alliance ramped up production, while output from major non-OPEC producers continued to rise, adding to market imbalance and dampening investor sentiment.
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| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 71,495.00 | 74,210.00 70,200.00 | 850.00 1.20% |
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| CRUDE OIL - WTI | 99.31 | 99.32 92.04 | 3.58 3.74% |
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