WTI stabilizes near $57.70 after sharp selloff but remains below key resistance levels. Geopolitical tensions support prices even as oversupply and demand fears persist.

Crude oil price extended previous losses to a two-month low as concerns over a supply glut and slowing demand growth continue to weigh on the market. Brent oil edged lower to find support at the crucial support level of $60 as at the time of writing.

Crude oil remains under selling pressure, with rallies viewed as opportunities to fade amid weak demand and heavy oversupply. Technical resistance caps upside, while further downside risk remains unless key levels are reclaimed.

Investment banks and the U.S. Energy Information Administration forecast a significant oil market oversupply in 2026, driven by weak demand and rising production, predicting average crude prices will drop below $60 per barrel.

China's flows of crude oil into storage probably jumped in November to the highest in six months, as a surge in imports overwhelmed steady refinery processing rates.

Oil extends its decline on Thursday as oversupply from Russia, the U.S., and OPEC keeps rallies limited. Key EMA levels cap upside, and both Brent and WTI hover near major support zones that could trigger further downside if broken.

Oil and gas prices are set to drop by 2026, with Brent crude falling to $55 per barrel and retail gas reaching $3 per gallon, according to new EIA projections.

China sharply increased crude oil stockpiling last month as imports surged and refinery runs lagged supply, underscoring both opportunistic buying and resilient underlying demand.

Silver has surpassed crude oil in price for the first time in over four decades, driven by a powerful rally fueled by industrial demand, safe-haven buying and macro shifts, while oil remains pressured by weak demand and oversupply.

January WTI crude oil (CLF26) today is down -0.32 (-0.56%), and January RBOB gasoline (RBF26) closed down -0.0118 (-0.67%). Crude oil and gasoline prices are falling today, with gasoline posting a 4.75-year nearest-futures low.