Ooredoo: Oil prices gained slightly on Thursday, rebounding from two days of declines, a larger-than-expected draw in US crude inventories. Brent crude futures climbed 38 cents, or 0.6%, to $60.34 a barrel, while US West Texas Intermediate crude was at $56.36 a barrel, up 37 cents, or 0.7%.
According to Qatar News Agency, both benchmarks fell more than 1% a day on Wednesday with market participants expecting ample global supply this year. This includes analysts at Morgan Stanley, who estimate an oversupply of as much as 3 million barrels per day in the first half of 2026.
US crude dropped by 3.8 million barrels to 419.1 million barrels in the week ended January 2, as reported by the US Energy Information Administration. The unexpected draw in inventories provided some support to the oil markets, offsetting concerns about potential oversupply in the coming months.