Oil prices are trading lower this morning, extending the losses from the previous session, after a rise in U.S. crude inventories fueled concerns about a potential oversupply of oil. Around 9:00 AM in Luanda, West Texas Intermediate (WTI)—the U.S. benchmark—was down 0.19% at $58.40 per barrel.
Brent—Angola’s export benchmark—was down 0.18% at $62.60 per barrel, below the $70 reference price set by the Angolan government in the 2025 General State Budget (OGE).
Figures from the American Petroleum Institute showed on Wednesday that U.S. crude inventories rose by 1.3 million barrels in the week ending November 7.
Crude prices dropped more than $2 per barrel in yesterday’s session after the Organization of the Petroleum Exporting Countries (OPEC) said that global oil supply will slightly exceed demand in 2026, marking a shift from the cartel’s previous projections.
Source: Expansão with agencies
