Brent crude oil futures fluctuated between small gains and losses at around $64 per barrel on Monday, as traders awaited fresh reports on a possible global oil surplus. OPEC will release its monthly outlook Wednesday, alongside the IEA's annual forecast, which already projects a record glut for 2026.
A monthly update from the IEA follows on Thursday. Crude has struggled this year, weighed down by expectations of oversupply as OPEC+ loosens production cuts while non-member producers keep adding barrels.
Earlier this month, the alliance approved a 137,000 bpd increase for December, matching October and November, but will pause hikes in early 2026. Meanwhile, President Trump said that India has "stopped" buying Russian oil under US pressure. Lukoil declared force majeure on shipments from Iraq's West Qurna 2 field.
Source: Trading Economi
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