Oil Prices Retreat as IEA Supply Forecast Dampens Demand Outlook

Crude oil futures closed the week on a softer note as a bearish supply outlook from the International Energy Agency (IEA) weighed heavily on prices, overshadowing geopolitical developments. Both WTI and Brent crude ended lower, with traders reluctant to push prices up amid expectations of an oversupplied market next year. According to the IEA, global oil supply is projected to exceed demand by a significant margin in 2026, reinforcing concerns about persistent surplus conditions that continue to pressure benchmarks. Market participants appeared unfazed by recent geopolitical tensions — including the U.S. seizure of a sanctioned Venezuelan oil tanker — as ample supply prospects diminished the impact of such news on trading sentiment. With sellers dominating the market, oil remains vulnerable to further declines unless buyers can strengthen momentum above key technical resistance levels. In summary, oversupply fears and weakened demand forecasts from the IEA have been the primary drivers of the recent downturn in crude oil prices, leaving futures in a bearish posture heading into the new trading week. #OilPrices #IEAReport #CrudeFall #EnergyMarket #SlimScan #GrowthStocks #CANSLIM