The post Oil declines on rising supply glut fears – ING appeared on BitcoinEthereumNews.com. NYMEX WTI continues to edge lower in the early trading session today after falling by more than 4% to settle around $58.5/bbl yesterday. The decline was largely driven by OPEC’s revised surplus expectations for the global Oil market, along with a bearish inventory report from the API. Meanwhile, West Texas Intermediate’s prompt time-spread flipped to contango for the first time since February, a fresh sign of rising oversupply from both outside and within the OPEC+ alliance, ING’s commodity experts Ewa Manthey and Warren Patterson note. OPEC global Oil demand growth forecasts are unchanged “In its monthly Oil market report, OPEC left its global Oil demand growth forecasts largely unchanged at 1.3m b/d and 1.4m b/d for this year and 2026 respectively. Supply projections from producers outside the wider OPEC+ alliance are expected to rise by 920k b/d this year and 630k b/d in 2026, largely driven by higher output from the US, Canada, Brazil and Argentina. However, OPEC modified its expectations for the global Oil market balance and now expects a small supply surplus in 2026, following OPEC+ production increases and higher supply from other producers.” “Meanwhile, the release also shows that OPEC increased supply by just 33k b/d month on month to 28.5m b/d in October. However, this was 450k b/d less than the initial increase plan set by production quotas. The monthly output addition by Saudi Arabia, Kuwait, Iraq and Nigeria was partially offset by supply losses from Iran and Libya. The International Energy Agency (IEA) will release its monthly Oil market report later today. API’s numbers show that US crude Oil inventories increased by 1.3m barrels over the last week, while crude stocks in Cushing fell slightly by 43k barrels.” “The Energy Information Administration (EIA) released its latest Short Term Energy Outlook yesterday, raising its US crude… The post Oil declines on rising supply glut fears – ING appeared on BitcoinEthereumNews.com. NYMEX WTI continues to edge lower in the early trading session today after falling by more than 4% to settle around $58.5/bbl yesterday. The decline was largely driven by OPEC’s revised surplus expectations for the global Oil market, along with a bearish inventory report from the API. Meanwhile, West Texas Intermediate’s prompt time-spread flipped to contango for the first time since February, a fresh sign of rising oversupply from both outside and within the OPEC+ alliance, ING’s commodity experts Ewa Manthey and Warren Patterson note. OPEC global Oil demand growth forecasts are unchanged “In its monthly Oil market report, OPEC left its global Oil demand growth forecasts largely unchanged at 1.3m b/d and 1.4m b/d for this year and 2026 respectively. Supply projections from producers outside the wider OPEC+ alliance are expected to rise by 920k b/d this year and 630k b/d in 2026, largely driven by higher output from the US, Canada, Brazil and Argentina. However, OPEC modified its expectations for the global Oil market balance and now expects a small supply surplus in 2026, following OPEC+ production increases and higher supply from other producers.” “Meanwhile, the release also shows that OPEC increased supply by just 33k b/d month on month to 28.5m b/d in October. However, this was 450k b/d less than the initial increase plan set by production quotas. The monthly output addition by Saudi Arabia, Kuwait, Iraq and Nigeria was partially offset by supply losses from Iran and Libya. The International Energy Agency (IEA) will release its monthly Oil market report later today. API’s numbers show that US crude Oil inventories increased by 1.3m barrels over the last week, while crude stocks in Cushing fell slightly by 43k barrels.” “The Energy Information Administration (EIA) released its latest Short Term Energy Outlook yesterday, raising its US crude…