Oil Falls as Stockpiles Rise, OPEC+ Prepares Output Hike

Oil prices have dropped as rising stockpiles and the prospect of higher OPEC+ production pressured the market, Rian Howlett reported for Yahoo Finance.

Goldman Sachs expects Brent to fall into the mid-$50s next year.

Brent crude slipped below $70 a barrel after a 5.2% gain last week, while West Texas Intermediate hovered near $65.

The alliance led by Saudi Arabia is weighing an increase of at least the 137,000 barrels a day already scheduled for next month, signaling a strategy shift toward reclaiming market share rather than defending prices.

Still, demand from China has helped support prices. Looking ahead, the International Energy Agency projects a record supply glut in 2026 as OPEC+ and rival producers ramp up output.

Goldman Sachs expects Brent to fall into the mid-$50s next year, even with continued Chinese stockpiling.