WTI crude oil futures are stabilizing under $63 per barrel mark in early Asia on Friday following a near 3% slump in the previous session. Ongoing negotiations between US and Iran are contributing to decline in oil prices. Moreover, the International Energy Agency (IEA) said the market is projected to face a surplus of just over 3.7 million barrels per day (bpd) in 2026, potentially the largest annual average glut on record, while also trimming its global Oil demand forecast for that year. In its monthly report, the agency noted that global inventories expanded in 2025 at the fastest pace since the 2020 pandemic. Currently, the counter is quoting at $62.73 per barrel, down 0.19% on the day.

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