"Crude oil prices remained close to the levels seen during the last few days. Markets could continue to consolidate while hopes of the US government reopening helped stabilize demand prospects. Additionally, expectations of a pause in production increases from OPEC countries next year could help limit downside risks. US sanctions on Russian oil majors could also continue to support prices as they could disrupt crude volumes and tighten supply to a certain extent."
"A scale-back in Russian oil imports by Indian refiners as trade talks with the US advance could further constrain the market and support prices. However, bearish sentiment could persist as oversupply concerns remain. OPEC+ confirmed it will proceed with a 137,000 barrel-per-day output increase in December, which could weigh on prices over the short term. At the same time, output levels among other major oil producers continued to grow and could fuel concerns about the supply glut."
Crude oil prices stayed close to recent levels amid stabilizing demand prospects and consolidation in markets. Hopes of the US government reopening supported near-term demand. Expectations of a pause in OPEC production increases next year could reduce downside risks. US sanctions on major Russian oil firms may tighten supply by disrupting volumes. Indian refiners scaling back Russian imports during US trade talks could further constrain available crude. Offsetting these supports, OPEC+ plans a 137,000 bpd December increase and rising output among other producers raises oversupply concerns. Prices are likely to remain range-bound while traders await OPEC and IEA outlooks.
Read at London Business News | Londonlovesbusiness.com
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