WTI remains below $63.00 due to oversupply concerns
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West Texas Intermediate (WTI) Oil price trades largely unchanged around $62.80 per barrel during the Asian session on Friday, after dropping more than 3% in the previous session. Crude Oil prices remain under pressure amid ongoing concerns about oversupply. The International Energy Agency (IEA) said the market is projected to face a surplus of just over 3.7 million barrels per day (bpd) in 2026, potentially the largest annual average glut on record, while also trimming its global Oil demand forecast for that year. In its monthly report, the agency noted that global inventories expanded in 2025 at the fastest pace since the 2020 pandemic. Meanwhile, US President Donald Trump indicated that negotiations with Iran could continue for up to a month, lowering the immediate risk of military action that might disrupt supply. Trump is currently pursuing a diplomatic strategy aimed at curbing Iran’s nuclear program. Israeli Prime Minister Benjamin Netanyahu, speaking before departing Washington, said Trump appeared to be shaping a framework to resolve tensions with Iran over its nuclear activities. Industry data and Reuters calculations indicated that Russia’s seaborne Oil product exports rose 0.7% in January from December to 9.12 million metric tons, supported by strong fuel output and seasonally weaker domestic demand. Venezuela is reportedly preparing to allocate additional Oil production acreage to Chevron and Spain’s Repsol. Officials in Caracas could award new exploration and production blocks as early as this week, according to a Bloomberg report. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily…
Filed under: News - @ February 13, 2026 2:26 am