The EIA's recent short-term outlook for oil prices forecast a slide in oil prices potentially leading to lower rig counts and more job losses.

The International Energy Agency forecasts a larger oil market oversupply due to tepid demand growth and surging supply from both OPEC+ and non-OPEC+ producers.

Here’s why oil prices are climbing to their highest levels in two weeks, despite a group of oil producers agreeing to open the floodgates of global crude supply.

Russia’s exports contracted for a fifth month in June as weaker global commodity prices continued to weigh on trade.

By Florence Tan, Georgina McCartney and Robert Harvey SINGAPORE/HOUSTON/LONDON (Reuters) -Premiums for prompt benchmark oil prices globally are falling compared with those in future months on rising output from the Middle East,

Oil prices slipped on Wednesday as investors perceived the risk of an industry glut. West Texas Intermediate ( CL=F) futures fell as much as 1.6% to hover above $62 per barrel. Brent crude ( BZ=F ), the international benchmark, also dropped to trade below $65 per barrel before paring losses.

Baytex and ARC Resources remain viable options for income-seeking investors, notwithstanding the energy sector’s underperformance in 2025. Market analysts maintain a bullish sentiment for both stocks, including an eventual recovery when the oil market rebounds.

A new federal forecast projects that U.S. crude production will fall next year along with global benchmark oil prices.