Crude Awakening: Oil Prices Sink as Glut Looms in 2026

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This is your Daily Crude Oil Price Tracker with Vanessa Clark podcast.

Hello everyone and welcome back to the Daily Crude Oil Price Tracker. I'm your host Vanessa Clark, and I'm so glad you're here with me today. Let's dive right into what's happening in the crude oil markets as of October 15th, 2025.

So here's where we stand right now. West Texas Intermediate crude is trading around 58 dollars and 27 cents per barrel, while Brent crude is hovering near 62 dollars per barrel. Both benchmarks are sitting at five month lows, and there's a very specific reason why.

The International Energy Agency just dropped some pretty significant news. They're warning that the global oil market could face what they're calling an unprecedented surplus next year. We're talking about supply exceeding demand by nearly 4 million barrels per day in 2026. That's a massive amount of extra oil with nowhere to go.

What's driving this potential glut? Well, OPEC plus countries are ramping up production even though consumption remains sluggish around the world. The IEA expects global supply to rise by 3 million barrels per day this year and another 2.4 million barrels per day next year. Meanwhile, demand growth is only projected at around 710,000 barrels per day, which is well below historical trends.

Adding fuel to the fire, we've got ongoing trade tensions between the United States and China that are making traders nervous about global demand. Both countries have been imposing new restrictions on shipping firms, though there are some signals that things might ease up soon.

On a somewhat positive note, there's optimism about potential US interest rate cuts that's providing modest support to prices. Traders are also keeping a close eye on US inventory data for fresh clues about demand.

The bottom line is we're in a pretty bearish environment right now, with oil prices under significant pressure from oversupply concerns. It's definitely a market worth watching closely in the coming weeks and months.

Thanks so much for tuning in today. Be sure to subscribe to the Daily Crude Oil Price Tracker so you never miss an update, and I'll see you back here next time. Take care everyone.

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