North Sea crude, a benchmark in Europe, concluded the session at the Intercontinental Exchange at $66.63, down $0.51 from Monday’s closing price.
Despite this decline, the Organization of the Petroleum Exporting Countries (OPEC) today slightly revised upwards its forecast for global crude demand in 2026, reinforcing an optimistic outlook on the global crude market.
OPEC projected an average of 106.52 million barrels per day (mbd) for the coming year, 100,000 barrels per day more than last month’s estimate.
However, it maintained the demand forecast for 2025 at 105.14 mbd unchanged.
This decision reinforced the optimistic outlook with which it has defended the production increases implemented monthly since April to reverse the voluntary cuts adopted in 2023.
In this context, investors remain attentive to scheduled talks between U.S. President Donald Trump and Russian counterpart Vladimir Putin on Friday in Alaska, regarding the war in Ukraine.
This meeting will occur after Washington increased pressure and issued Moscow an ultimatum to declare a cease-fire in Ukraine, which expired last week under the threat of new sanctions and secondary tariffs on major Russian crude importers, such as India and China.
On Monday, Trump announced a new 90-day tariff truce with Beijing, lasting until November 10, to reach an agreement between the world’s two leading economic powers.
