Oil Benchmarks Extend Losses as Oversupply Concerns Deepen

Crude benchmarks extended their decline on Friday, with concerns over excess supply weighing on sentiment for a second straight week. International marker Oil – Brent Crude traded around $59.71 per barrel, while U.S. benchmark Oil – US Crude (WTI) hovered near $55.99, each about $2 lower than at the start of the week. Brent briefly dipped below $59 earlier in the period. The pullback comes as market participants react to rising inventory reports and consensus forecasts from major agencies pointing to a surplus oil market by 2026, which could exert additional downward pressure on long-term price expectations and influence hedging strategies.

Over the past month, both benchmarks have posted mid-single-digit percentage losses, underscoring the market’s shift toward a more bearish supply-demand outlook. Oil – US Crude has fallen about 5.99% over the last 30 days and is currently flashing a short-term technical signal of Sell, suggesting ongoing downside momentum. Similarly, Oil – Brent Crude is down roughly 6.21% for the month and also shows a 1-day technical indication of Sell, reinforcing a cautious near-term stance among technical traders. Investors can explore more updates, prices, and analysis across global markets at Commodities.