Oil dipped after a four-day run of gains as the market weighed OPEC+'s decision to pause output hikes early next year and contrasting views on supply.
West Texas Intermediate traded near $61 a barrel, while Brent settled just below $65 on Monday. The Organization of the Petroleum Exporting Countries and its allies said at the weekend they planned to hold back from lifting production quotas in the first quarter. That came as the market is widely expected to be headed for a glut.
US sanctions on Russia's two biggest producers will delay cargoes and slow down trade, the heads of several oil majors said at a conference in Abu Dhabi. Eni SpA Chief Executive Officer Claudio Descalzi said he thought any oversupply would be short-lived.
Meanwhile, a massive Ukrainian drone strike in Russia's Black Sea region has crippled a major Rosneft refinery in the area.
To get Bloomberg's Energy Daily newsletter in your inbox, click here.
Prices:
WTI for December delivery slipped 0.2% to $60.96 a barrel at 7:40 a.m. in Singapore.
Brent for January settlement closed 0.2% higher at $64.89 a barrel.
Source: Bloomberg
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease ...
Oil prices rose on Tuesday, supported by a combination of supply disruptions from Kazakhstan, improved global economic growth projections, and a weakening US dollar, making dollar-denominated oil chea...
Oil traded in a tight range on Thursday after two straight sessions of losses, as markets digested a sharper US push to shape Venezuela's crude flows—alongside fresh tanker seizures tied to sanctions....
Oil prices edged higher as the market digested the United States' latest moves regarding Venezuela. WTI held steady at US$56/barrel after a sharp drop, while Brent remained below US$60/barrel. This s...
Brent crude prices sank in volatile trading on Wednesday after U.S. President Donald Trump said Venezuela will supply tens of millions of barrels of oil to Washington. Oil prices were nursing losses ...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...