Oil prices rose again after OPEC+ confirmed plans to temporarily halt production increases during the first quarter. This Saudi Arabia-led decision is considered a response to seasonally weaker market conditions. Brent is now trading above $63 per barrel, while WTI is approaching $60, signaling that the market is beginning to adjust to the new supply policy.

This increase comes after oil posted four consecutive monthly declines due to concerns about a supply surplus. The IEA even predicted a record supply glut in 2026, while JPMorgan forecast oil prices could fall to nearly $50 per barrel. However, geopolitical tensions—which have flared up several times throughout the year—remain a factor that often keeps prices from falling further.

One recent trigger was President Donald Trump's rhetoric regarding Venezuela, who warned of the possibility of closing the airspace around the country. Although his comments subsided the following day, the presence of US troops in the region kept the market cautious. Meanwhile, WTI trading volumes surged early in the Asian session, following an outage on the CME platform last Friday during the US Thanksgiving celebrations, which briefly shook global market activity. (az)

Source: Newsmaker.id