Oil steadied following a three-day gain ahead of reports that’ll shed light on the outlook for global crude market balances into 2026.

West Texas Intermediate held near $61 a barrel , after rising 1.5% on Tuesday, while global benchmark Brent closed above $65. OPEC is due to issue its monthly market analysis later on Wednesday, while the International Energy Agency releases its annual energy outlook.

The premium paid for WTI’s front-month contract over the next in sequence — known as the prompt spread — has narrowed just 5 cents a barrel in backwardation. That signals that the market expects looser conditions.

Crude has lost ground this year on concerns that there will be a hefty surplus, with OPEC and allies including Russia restoring capacity and drillers outside the group also rais

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