Crude oil down—WTI slips farther into the 50s

A day after making gains, crude oil prices fell more than $2 a barrel on Wednesday, thanks largely to an OPEC report indicating global oil supply will match demand in 2026.

Reuters reported the Organization of the Petroleum Exporting Countries noted that world oil supply would match demand next year due to the wider OPEC+ group’s production increases. Previously, it had projected a supply deficit in 2026.

In its annual World Energy Outlook, the International Energy Agency predicted oil and gas demand might continuing growing until 2050.

Brent crude futures settled at $62.71 a barrel, down $2.45, or 3.76% after gaining 1.7% on Tuesday. U.S. West Texas Intermediate crude finished at $58.49 a barrel, down $2.55, or 4.18%, after climbing 1.5% in the previous session.

Natural gas prices finished the day at $4.543 MMBtu following a slight decline of $0.022 or 0.48%.

It was a split for Oklahoma energy stocks between firms with gains and those with losses in the day’s trading.

Empire Petroleum dropped nearly 6% and Vital Energy did the same. Stardust Power had the biggest percentage gain at about 5%.