| 10 Dec 2025 13:37 | | WTI oil hovers near $58; EIA sees more supply and softer demand | | | WTI crude oil hovered close to $58 as the EIA said rising global production and softer winter demand will speed up inventory buildup, signaling more downside for prices. Brent averaged $64 in November, down $11 from last year, with forecasts pointing toward $55 in the first quarter of 2026 and likely remaining near that level through the year. MCX December crude oil futures traded slightly higher at ₹5238. Traders are now awaiting key updates from the IEA and OPEC for clearer direction, while US officials expect domestic output to hit a record 13.6 million barrels per day this year, adding to global oversupply. Diplomatic moves to ease the Russia–Ukraine conflict are also being monitored, as any progress could reduce the geopolitical risk premium. Markets remain cautious ahead of the Federal Reserve policy decision, where another 25-basis-point cut is widely anticipated.
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