WTI crude futures fell 3.2% on Monday, settling at $68.90 a barrel, following a report suggesting Israel and Hezbollah may be close to reaching a ceasefire deal within days. Traders cautiously viewed the news as a positive sign, but doubts persisted due to the failure of previous ceasefires. Attention also turned to escalating Ukraine-Russia tensions.
In other developments, Iran announced plans to expand its nuclear fuel output following criticism from the UN atomic watchdog, preparing for potential sanctions under a possible second Trump administration. Meanwhile, Azerbaijani Energy Minister Parviz Shahbazov indicated that OPEC+ may maintain current oil production cuts starting Jan. 1, as the group continues to delay planned output increases due to demand concerns. The next OPEC+ meeting is scheduled for Dec. 1 and will be held online.
Source: Trading Economics
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