Global oil markets reacted to the restoration of Russian exports Tuesday following temporary disruptions caused by Ukrainian military action, pushing both Brent and West Texas Intermediate futures lower [[2]]. The slight dip comes as analysts at Goldman Sachs predict a potential supply surplus throughout 2026, though they acknowledge geopolitical factors – specifically, the stability of Russian production – could drive prices upwards [[1]]. Traders are now focused on upcoming inventory data, wiht the american Petroleum Institute report due later today and the Energy Facts Governance’s release expected Wednesday.
Oil prices declined Tuesday amid the resumption of Russian crude exports, which had been briefly disrupted by Ukrainian attacks.
Brent crude futures for January 2026 delivery fell 0.65%, or 42 cents, to $63.78 per barrel.
West Texas Intermediate (WTI) crude futures for December delivery decreased 0.65%, or 40 cents, to $59.51 per barrel.
Goldman Sachs indicated Monday that it anticipates lower oil prices throughout 2026, citing a projected surplus in market supply. However, the bank noted that Brent crude could rise above $70 per barrel in 2026 and 2027 should Russian production experience a significant decline, according to Reuters.
Investors are now awaiting the release of the American Petroleum Institute’s (API) report on U.S. oil inventories later today, ahead of official data from the Energy Information Administration (EIA) scheduled for release Wednesday.
