Feb 13, 2026 (MarketLine via COMTEX) --
Crude oil prices decreased overall during the week amid concerns over a likely rise in global crude oil production in 2026. It raised the prospect of surplus crude outlook in global markets while demand was estimated to witness a relatively small growth. Prices were also weighed down by swelling US crude inventory that implied weak demand in the country. However, the fall in oil prices was somewhat restrained by the risk to energy stability in the Middle East region amid US-Iran tensions as military option was not completely ruled out even though negotiations were underway.
Some key factors that led to changes in crude oil prices this week are as follows:
Oil prices gained on Monday, supported by simmering risks to maritime trade, including energy supplies through the Persian Gulf. All US-flagged vessels were advised to sail closer to the Oman coastline while traversing the Strait of Hormuz, after Iranian gunboats had chased a ship last week. Besides, Iran reiterated its threat to attack US military assets in the Middle East in the event of a US strike on its territory, giving additional fillip to oil prices.Oil prices declined on Tuesday, weighed down by ceasefire talks in the Ukraine conflict wherein negotiations continue to end the conflict. Prices were also weighed down by expectations of a recovery in Venezuelan crude output after the US granted additional licenses for companies to operate in the country.Oil prices rose again on Wednesday, supported by prevailing tensions in the Middle East and its potential impact on energy exports from the region. The US was contemplating to dispatch a second carrier strike group to the region to pressurize Iran into negotiations. Prices also received support from a monthly drop in Russian crude oil output for January 2026. The OPEC report indicated that the country's production declined by approximately 0.6% over December 2025. Oil prices fell on Thursday, weighed down by worries over sluggish outlook for global crude oil demand this year. In its latest report, the International Energy Agency (IEA) made a downward revision to its previous estimate on crude oil demand growth in 2026 by 80,000 barrels per day (bpd). It also indicated the possibility of surplus crude availability in the range of 3.73 million bpd owing to rising production from the OPEC+ as well as other producers, such as Guyana and Brazil. Prices also came under pressure from a weekly surge in the commercial crude stockpiles in the US. According to the US Energy Information Administration (EIA), crude inventory increased by 8.5 million barrels for the week ending on February 6, 2026. Oil prices rose slightly on Friday, supported by a dip in the US inflation, which could encourage consumption in this major market. As per the US Bureau of Labor Statistics, the consumer price index (CPI) for January 2026 stood at 2.4%, down by 0.3% over the previous month. Nevertheless, the rise in oil prices was restrained by prospects of higher crude availability from OPEC producers. Reports indicated that the cartel was contemplating another production increase for April 2026. Moreover, the US granted two new licenses for its companies to extract crude oil from Venezuela, which also limited the rise in prices.
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COMTEX_476224168/2227/2026-03-30T05:14:15
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