Oil prices rose slightly on December 10 morning after sharp declines over the previous two days, Report informs referring to trading data.
February Brent crude futures rose $0.05 (0.08%) to $61.99 per barrel on the London ICE Futures Exchange.
January WTI futures rose $0.05 (0.09%) to $58.30 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).
Expectations of a supply surplus in the global fuel market continue to put pressure on oil prices. Specifically, media outlets previously reported the resumption of production at the West Qurna-2 project in Iraq, which was suspended following a leak in the export pipeline. The field supplies 0.5% of global oil supply.
In November, the International Energy Agency (IEA) forecast that oil supply would exceed demand by more than 4 million barrels per day in 2026. On Thursday, the IEA will publish a new oil market forecast.
Signs of a decline in US oil inventories are supporting the market. The American Petroleum Institute noted that US crude oil reserves fell by 4.8 million barrels last week.