According to sources, global crude oil prices fell by more than 2 percent on Thursday at the opening of Asian markets.
During this period, Brent crude futures dropped 2.5 percent to settle at $64.85 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 2.5 percent to $60.48 per barrel. On Wednesday, both benchmarks had closed with gains of more than 1 percent, but most of those gains were erased following statements by former U.S. President Donald Trump.
Sources further said that pressure on oil prices also increased due to higher-than-expected U.S. crude oil and gasoline inventories. In addition, Venezuela has begun increasing its production and exports despite U.S. sanctions.
Regarding oil demand, OPEC data indicate that global supply and demand are likely to remain close to balance in 2026. Meanwhile, China’s crude oil imports rose 17 percent in December compared to the same period last year, providing positive signals for global demand.
In the short term, WTI crude oil prices are expected to remain within the range of $55 to $65 per barrel. Overall, the global crude oil market is expected to remain tense amid geopolitical risks and supply pressures, keeping price volatility intact.
