Crude oil futures ended lower on Wednesday as investors dissected OPEC+'s monthly report and contrasted it with the International Energy Agency's (IEA) recent forecast on demand and supply. OPEC+ in its recent report has estimated global supply to exceeded demand by about 5,00,000 barrels per day, reversing its prior deficit forecast. It has also lowered its forecast for 2026 demand for crude oil from OPEC+ member nations by 1,00,000. Meanwhile, the IEA's forecasts indicated that supply could exceed demand by about 4 million bpd in 2026.
Benchmark crude oil futures for December slumped $2.55 or 4.18% at $58.49 a barrel on the New York Mercantile Exchange. Brent crude for January delivery fell $2.45 or 3.76% to settle at $62.71 a barrel on London's Intercontinental Exchange.
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