Reported about 13 hours ago
Oil prices increased following a report indicating a reduction in stockpiles at the Cushing storage hub in Oklahoma, with Brent trading above $66 per barrel. While the American Petroleum Institute noted a weekly decline of 1.8 million barrels at the hub, analysts caution that global oil supplies remain high, particularly with OPEC+ increasing production and U.S. output expected to hit record levels. Goldman Sachs projects that prices will average $56 per barrel in 2026 due to a persistent global surplus.
Source: YAHOO