"Crude oil prices continued their downward drift today, marking a third straight session of losses. WTI traded near USD 60 as concerns mounted over a supply glut. Traders could focus on Sunday's OPEC+ meeting, where the group could lean toward a modest output increase for December of around 137 kb/d. A larger increase could weigh on prices further and exacerbate the market's decline."
"Offsetting factors have failed to continue propping up the market. Fresh US sanctions on Rosneft and Lukoil jolted prices last week, but the impact was limited in time as the market leans on ample spare capacity and comfortable supply buffers. Positive developments in US-China trade, including talks on a "framework" ahead of a leaders' summit this week, are providing only a mild tailwind."
Crude oil prices fell for a third consecutive session, with WTI trading near USD 60 amid rising concerns about a supply glut. Market attention centers on Sunday's OPEC+ meeting, where a modest December output increase of about 137 kb/d is expected; a larger rise could deepen the decline. Recent US sanctions on Rosneft and Lukoil briefly jolted prices but had limited lasting effect given ample spare capacity and comfortable supply buffers. Positive US-China trade developments offer only a mild tailwind. Traders now await API and EIA US inventory reports, which could steer direction and trigger volatility.
Read at London Business News | Londonlovesbusiness.com
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