Oil Prices Sink 4% as OPEC Moves to Balanced 2026 Outlook ...Middle East

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Oil Prices Sink 4% as OPEC Moves to Balanced 2026 Outlook
Oil prices fell sharply on Wednesday after OPEC said it now expects the global market to be balanced in 2026, abandoning its earlier deficit forecast as non-OPEC production rises and inventories recover. The revision, detailed in the group’s Monthly Oil Market Report, triggered a new round of selling, with Brent futures down 3.67% to $62.77 a barrel and WTI off 4.1% at $58.55 by 1:11 p.m. ET. OPEC’s analysis points to faster supply growth from the United States, Brazil, and Guyana, projecting non-OPEC liquids output to increase by about…

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