Oil headed for a third monthly drop on concerns about a global glut, with OPEC+ expected to back another supply hike this weekend.
West Texas Intermediate fell toward $60 a barrel, on track for a monthly loss of more than 3%, while Brent settled at $65. The producers' group will hold discussions on Sunday, and members are expected to agree to revive another slice of halted capacity in a push to reclaim market share.
Traders were also taking stock of the impact of Western sanctions on Russia, including US curbs on the nation's leading producers, Rosneft PJSC and Lukoil PJSC. Some refiners in India have paused purchases of Russian imports for the coming months, prompting them to look for alternative barrels.
US crude has retreated by 16% this year as traders expect an amply-supplied market, with the International Energy Agency warning that there will a record surplus in 2026. Futures have lost ground this week despite Washington and Beijing forging a trade truce at a high-profile summit in South Korea between US President Donald Trump and Chinese counterpart Xi Jinping.
Prices:
WTI for December delivery fell 0.5% to $60.29 a barrel at 7:30 a.m. in Singapore.
Brent for December settlement, which expires on Friday, closed 0.1% higher at $65.00 a barrel on Thursday.
Source: Bloomberg
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one ...
Oil prices rose on Wednesday (February 11th), supported by a combination of geopolitical risk premiums from US-Iran tensions and more solid Asian demand signals particularly from India which helped ea...
Oil remained in the green zone on Tuesday (February 10th), as the market refused to abandon the Middle East risk premium. As of 13:07 GMT (20:07 WIB), Brent rose +0.4% to $69.32/barrel, while WTI rose...
Oil prices fell about 1% on Monday as concerns about conflict in the Middle East eased slightly. The market calmed after the US and Iran agreed to resume talks on Tehran's nuclear program, reducing fe...
Oil prices moved slightly higher in a volatile session on Friday, as investors assessed the direction of nuclear negotiations between the United States and Iran. Price movements appeared sensitive to ...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...