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Commodity News Details
Crude steady near $58 as market weigh IEA and OPEC outlooks
12-Dec-2025 12:38
WTI crude held near $58 per barrel on Friday but remained on track for a weekly drop of over 3 percent as traders digested fresh IEA and OPEC forecasts. The IEA projects 2025 oil demand to grow by 830 kb/d, led this year by gasoil and jet fuel, with petrochemicals driving 2026 growth. Global supply fell 610 kb/d in November due to OPEC+ cuts and sanctions on Russia and Venezuela, and supply growth expectations have been trimmed for both 2025 and 2026. OPEC kept its 2025 demand forecast steady at 1.4 million bpd and still expects stronger growth in 2026 at around 1.3 million bpd, indicating a broadly balanced outlook. Domestically, MCX December crude futures gained over 1 percent to ₹5241 per barrel, helped by the record low Rupee.

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