Oil futures tumbled midday after OPEC and allied producers signaled that global supply could match demand by 2026, a shift from earlier deficit projections.
As of 11:40 a.m. ET, NYMEX crude oil benchmarks hovered near three-week lows.
The December West Texas Intermediate contract was down $2.50 at $58.54/bbl, while the January WTI contract sank $2.46 to $58.53/bbl.
The ICE January Brent contract slid $2.49 to $62.67/bbl, while February Brent fell $2.43 to $62.44/bbl.
Refined product futures also slid sharply. The NYMEX December ULSD contract retreated 9.64cts to $2.4793/gal, and January ULSD slipped 8.89cts to $2.4369/gal.
The December RBOB contract declined 5.18cts to $1.9602/gal, while January futures were down 5.31cts at $1.8936/gal.
The selloff reflected concerns over near-term oversupply, as OPEC+ raised forecasts for non-OPEC+ production, pointing to rising global inventories. The pullback, which followed a three-session rally, came even as the International
Energy Agency forecasted oil demand growing well into 2050.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Reporting by Allegra Fradkin, afradkin@opisnet.co; Editing by Steve Cronin, scronin@opisnet.com
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(END) Dow Jones Newswires
November 12, 2025 11:56 ET (16:56 GMT)
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