As of 11:30 a.m. ET, Nymex crude oil benchmarks were hovering near three-week lows. The January West Texas Intermediate crude contract was down $1.33 at $57.67/bbl, while the February WTI contract sank $1.21 to $57.48/bbl.

Oil prices steady as crude oil futures rebound on a strong U.S. inventory draw while traders assess supply risks, slowing demand, and geopolitical uncertainty.

Oil fell in the morning Asian session amid risk-off sentiment.

Oil futures settled lower as the U.S. pushed for new talks. Separately, Ukraine used U.S.-supplied long-range missiles to strike Russian territory, the first time it has acknowledged deploying the systems, known as ATACMS, since President Trump lifted restrictions on their use.

WTI futures drop as demand fades, peace talks pressure supply expectations, and key support breaks, leaving the short-term crude oil outlook firmly bearish.

U.S. commodity markets are sliding sharply as oil, metals and bonds weaken together. Crude oil fell to $58.28 and Brent dropped to $62.77. Gold futures slipped to $4,038.90 while spot silver fell to $49.

Crude oil futures traded lower on Thursday morning after the Monthly Oil Market Report from the OPEC+ (Organization of Petroleum Exporting Countries and allies) indicated a surplus in the global market.

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,"

March soybean oil (ZLH26) futures present a buying opportunity on more price strength. See on the daily bar chart for March soybean oil futures that prices are trending higher and this week hit a two-month high.