Crude Oil Prices Steady Near $60 as Traders Await OPEC and IEA Outlook Reports

Crude Oil prices steadied on Tuesday as traders monitored softening market indicators and awaited key reports from OPEC and the International Energy Agency (IEA) that may shed light on a potential global supply surplus.

Crude Price Movement

West Texas Intermediate (WTI) crude traded near $60 a barrel after a modest gain on Monday, while Brent crude closed around $64 a barrel. The WTI prompt spread, the price difference between its two nearest contracts, narrowed to 9 cents a barrel in backwardation, its lowest level since February, suggesting less-tight supply conditions in the short term.

Upcoming Market Reports

OPEC is scheduled to release its monthly oil market analysis on Wednesday, outlining production levels, demand trends, and global inventory data. The report comes at a time when the cartel has been gradually increasing supply following months of output restraint.

On the same day, the IEA will publish its annual energy outlook, followed by a monthly update on Thursday. The agency had previously forecast a record global oil surplus for 2026 and is expected to provide an updated assessment of supply-demand conditions in its latest report.

US Market and Global Supply Trends

US oil futures have fallen about 16% so far this year after recording declines for three consecutive months. The persistent slump reflects expectations of a growing surplus, as OPEC and its allies loosen output restrictions while producers outside the group, particularly in the United States, continue ramping up drilling activity.

India’s Crude Imports and Geopolitical Developments

Indian oil imports also drew attention following comments by US President Donald Trump, who said Washington was getting “pretty close” to finalising a trade deal with New Delhi. He added that India had “stopped doing the Russian oil,” reflecting the US administration’s push to curb global crude purchases from Moscow amid the ongoing conflict in Ukraine.

The United States has sanctioned major Russian energy companies, including Lukoil PJSC and Rosneft PJSC. Lukoil has declared force majeure on oil shipments from its West Qurna 2 field in Iraq, according to a person familiar with the situation, further tightening regional supply chains.

Read More: Maharashtra to Launch Swayampurna Rooftop Scheme.

Conclusion

Oil prices remain steady near recent lows as traders await OPEC and IEA reports for guidance on the market outlook. With production rising and signs of a potential global surplus emerging, the coming weeks may prove pivotal in determining whether crude prices can find support or extend their downward trend.

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