Oil Prices Under Pressure from Supply Glut

TradingEconomics reported that Brent crude oil prices fell to $63.19 per barrel, while West Texas Intermediate reached $59.44 per barrel at the end of trading on November 28, marking a 13% year-over-year decrease. Oil prices stabilized at $59.40 per barrel on November 30, 2025, amid growing expectations of rising global supply.

The U.S. Energy Information Administration forecasts a drop in Brent prices to an average of $54 per barrel in the first quarter of 2026, as global oil inventories continue to rise. The International Energy Agency's November report indicated an increase in global supply of 3.1 million barrels per day in 2025, with an additional expected rise of 2.5 million barrels in 2026.

Multiple factors are contributing to downward pressure on prices, as the market faces a significant supply surplus exceeding demand. Scheduled maintenance and unplanned production outages in October were insufficient to sustainably support prices. Analysts are closely monitoring OPEC+ oil policy developments and the impact of sanctions on Russian exports as pivotal factors that could alter market trends in the coming months.