Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
U.S. Soybean Shipments to China Gain Momentum as Trade Tensions Ease 
Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
Dollar Holds Steady as Markets Shift Focus to 2026 Rate Cut Expectations 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Trump and Lula Discuss Trade, Sanctions, and Security in “Productive” Phone Call 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
RBA Signals Possible Rate Implications as Inflation Proves More Persistent 
Oil Prices Slip as Russia-Ukraine Peace Hopes Fade and Oversupply Fears Grow 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
Oil prices fell to a three-week low in Asian trade on Thursday, extending recent losses as concerns over a potential global supply glut grew following OPEC+’s revised forecast of a surplus in 2026. The dip also came as a stronger U.S. dollar and muted optimism over the end of the U.S. government shutdown weighed on crude markets.
Brent crude futures for January dropped 0.3% to $62.54 per barrel, while West Texas Intermediate (WTI) futures slipped 0.3% to $58.31 per barrel by 20:37 ET (01:37 GMT). Both benchmarks recorded sharp declines of around 3.5% to 4% in the previous session.
OPEC’s latest monthly report revealed that the organization now expects a small surplus in oil supply by 2026, driven by higher production from both OPEC members and non-OPEC producers. The group also revised down its global demand forecast for the same year to 43 million barrels per day (bpd), implying a modest oversupply of around 20,000 bpd if current production levels persist. This outlook aligns OPEC more closely with the International Energy Agency (IEA), which has projected a larger surplus. The IEA is expected to release its monthly oil market report later Thursday.
Despite OPEC’s plans to halt further production increases in the first quarter of 2026, its steady output growth throughout this year has heightened market fears of oversupply. Traders now worry that rising inventories could pressure prices further into next year.
Meanwhile, the U.S. House of Representatives passed a bill ending the country’s longest-ever government shutdown, with President Donald Trump expected to sign it into law. The move provides some relief for fuel demand concerns, as government operations resume and key economic data releases restart, offering renewed clarity for the world’s largest oil consumer.
