Russia’s seaborne crude shipments retreated for a fourth week, compounding a slump in the country’s oil prices and shrinking revenues for the Kremlin to a two-and-a-half-year low of around $1.2 billion a week.

China's flows of crude oil into storage likely lifted in October as robust imports and domestic output outweighed an increase in refinery processing.

However, sentiment remained broadly bearish, with expectations of a supply glut extending into late 2025 and 2026 on rising output from both OPEC and non-OPEC producers and moderating demand growth,"

Goldman Sachs projects WTI Crude oil will average $53 a barrel in 2026 due to a large market surplus, though they see long-term demand growing until 2040.

Oil prices fell on Wednesday as an industry report showing crude and fuel inventories rose last week in the U.S., the world's biggest crude consumer, reinforced mounting concerns that supply is exceeding demand in the market.

Oil prices have fallen 20% since Trump took office, but California drivers see little relief at the pump due to soaring refinery profit margins. Global refining capacity is squeezed by Ukrainian attacks on Russian plants, facility outages in Kuwait and Nigeria, and permanent closures across the U.S. and Europe.

Crude oil price paused on its downtrend in Thursday’s intraday trade after hitting a fresh three-week low earlier in the session.

Gas prices have remained relatively quiet in November thanks to an abundance of crude oil, but pump prices are beginning to slowly tick up across the Northeast ahead of Thanksgiving. The average gas price in Massachusetts on Monday was up two cents from last week ($3), averaging $3.02 per gallon.

Gas prices in Michigan dropped 9 cents per gallon, settling at an average of $3.02. The decrease in prices is attributed to lower demand and crude oil prices, with potential for further decreases.