Oil prices hold losses over supply glut forecasts; US CPI awaited in Oil & Companies News 13/02/2026 Oil prices were largely steady in Asian trade on Friday but were set for a weekly decline after tumbling nearly 3% in the previous session, as forecasts of a sizeable supply surplus and rising inventories weighed on sentiment. As of 21:07 ET (02:07 GMT), Brent Oil Futures expiring in April edged up 0.1% to $67.56 per barrel, while West Texas Intermediate (WTI) crude futures also gained 0.1% to $62.87 per barrel. Both contracts slipped nearly 3% in the previous session, putting them on track for 1% weekly losses. The International Energy Agency said in its monthly oil market report that the global market could face a surplus of just over 3.7 million barrels per day in 2026, highlighting a significant supply overhang. The agency also said global oil stockpiles expanded last year, building at one of the fastest rates since the pandemic, underscoring ample supply buffers. The IEA trimmed its outlook for global oil demand growth, citing a softer macroeconomic backdrop and moderating consumption gains, even as non-OPEC supply remains robust. The weaker demand trajectory, combined with resilient output growth, reinforced concerns about an extended period of oversupply. The Energy Information Administration reported a crude inventory build of 8.53 million barrels this week, far exceeding market expectations and marking the largest increase since January 2025. The large stock increase signalled subdued refinery demand and ample supply in the United States, the world’s largest oil consumer. US-Iran nuclear deal negotiations in focus; US CPI awaited Investors were also assessing geopolitical risks after Donald Trump said negotiations over a potential nuclear deal with Iran could stretch for as long as a month. The prospect of drawn-out talks reduced immediate fears of supply disruptions in the Middle East, tempering the geopolitical risk premium that had supported prices earlier. Market participants remained cautious ahead of the U.S. consumer price index data due later on Friday, which could offer fresh clues on the Federal Reserve’s policy path. Strong January jobs data earlier this month dimmed expectations for near-term rate cuts. Source: Investing.com 2026-02-13 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share