WTI Holds Above $62.50 as OPEC+ Lifts Demand Forecast and Cuts Supply Outlook

WTI Oil Price Holds Gains Amid Optimistic OPEC+ Forecasts and Geopolitical Uncertainty

OPEC+ revises demand and supply outlook
West Texas Intermediate (WTI) crude oil prices edged higher during Wednesday’s Asian session, hovering around $62.50 per barrel after recovering from more than 1% losses in the previous session. The recovery comes on the back of a bullish market assessment by OPEC+, which raised its global oil demand forecast for next year. The alliance also trimmed its supply growth expectations for non-OPEC+ producers, notably the United States, implying a tighter market balance ahead.

Market watches US-Russia summit
Despite the upward revision, crude prices remain capped ahead of Friday’s high-stakes summit between U.S. President Donald Trump and Russian President Vladimir Putin, scheduled to take place in Alaska. Markets are closely monitoring this meeting, as any diplomatic breakthrough could lead to a potential easing of U.S. sanctions on Russian oil — a move that may shift global supply dynamics. However, Ukraine’s President Volodymyr Zelenskyy firmly rejected any territorial compromises, casting uncertainty over the outcome.

US API data reveals inventory build
Further tempering bullish momentum, the American Petroleum Institute (API) reported a surprising build in U.S. crude inventories. Stocks rose by 1.5 million barrels last week, contradicting market expectations for a 0.8 million-barrel draw. This increase follows a significant 4.2 million-barrel decline in the prior week and suggests the summer peak in oil demand may be tapering.

Outlook
The WTI price is currently supported by expectations of a tighter market going into 2026, but short-term volatility is likely as traders await geopolitical signals from the US-Russia meeting and further economic data from major oil-consuming nations. A resolution in global tensions or a shift in US policy on Russian energy could trigger fresh price action.