Brent crude futures fell US$1.06, or 1.7%, to settle at US$60.70 a barrel, while US West Texas Intermediate crude fell US$1.19, or 2%, to US$57.13 a barrel. OPEC supply grew 1.6 million bpd and non-Opec supply grew about 2.4 million bpd between the fourth quarters of 2024 and 2025, the Morgan Stanley analysts said. Market participants ‍polled by Reuters in December ⁠also said they expected ‍oil prices ​to be under pressure in 2026 because of rising supply and weak demand. Oil production from the country averaged 1.1 million bpd last year. Meanwhile, US crude oil and product stockpiles were expected to have risen last week, an extended Reuters poll showed on Tuesday.

Source: The Star January 07, 2026 04:10 UTC