Oil prices steadied on Wednesday after a sharp 4% slide the day before, with Brent trading near $63.08 and WTI around $58.80 at 11:01 a.m. ET, as traders reassessed the latest OPEC shift toward a more balanced 2026 market outlook. The passage of the U.S. funding deal that ended the government shutdown removed one macro problem, but crude remained focused on supply signals rather than broader risk sentiment. The modest rebound contrasted with the equity rally highlighted by Bloomberg, where U.S. indices advanced on softer inflation readings, renewed risk appetite and relief following the shutdown resolution. The move in equities had limited pull on crude, which stayed driven by evolving supply projections and near-term balance concerns.
The recovery follows Tuesday’s selloff linked to OPEC’s updated projections, which show the cartel moving away from its earlier deficit view and toward a neutral supply-demand balance next year. Traders reacted to signals that rising non-OPEC output and incremental OPEC+ barrels could offset moderate consumption growth. Those factors, combined with a softer demand trajectory outlined in the IEA’s latest assessment, left the market focused on potential surplus risk.
Diesel margins firmed during the session, while crude futures recovered more slowly. Murban traded near 65.43 on steady Asian buying and stable demand for middle distillates. Natural gas edged toward 4.62, supported by early-season heating needs and lower storage levels.