Oil prices remain steady near 2-week low
Oil prices didn't budge this week, hanging near two-week lows thanks to sluggish demand and a flood of extra oil on the market.
Brent crude sat at $63.54 a barrel, with US West Texas Intermediate at $59.60.
Demand growth is lagging behind forecasts—up just 850,000 barrels per day so far this year, missing J.P. Morgan's expected 900,000.
US oil stockpiles jumped by 5.2 million barrels last week
US oil stockpiles jumped by 5.2 million barrels last week—way more than predicted—reflecting weaker demand, including subdued travel activity and lower container shipments.
Meanwhile, OPEC and other big producers keep pumping out more oil, making the surplus even worse.
Capital Economics forecasts Brent could drop to an average of $50 by the end of 2026 if this keeps up—a sign that cheap oil might stick around for a while.
Gas prices staying low thanks to oversupply
If you're wondering why gas isn't getting pricier (or maybe hoping it stays that way), it's all about too much supply and not enough demand.
For anyone watching energy trends or thinking about future costs—from road trips to climate impact—it's worth keeping an eye on these numbers.