Oil prices are stabilizing after previously recording their biggest daily decline in nearly three weeks, as market participants await the latest data on a potential supply glut. West Texas Intermediate (WTI) held near $59 per barrel after falling about 2% on Monday, while Brent remained above $62 per barrel. The market is currently in a "wait-and-see" mode ahead of a series of important reports this week.

In the coming days, the spotlight will be on reports from three major agencies. The US Energy Information Administration (EIA) will release its short-term energy outlook on Tuesday evening, followed by monthly reports from the International Energy Agency (IEA) and OPEC on Thursday. These data are expected to provide a clearer picture of the extent of the global oversupply, as production is still considered to exceed sluggish demand.

Since early November, crude oil prices have been moving within a relatively narrow range, around $4 per barrel, as the market also weighs the impact of sanctions on Russia and potential export restrictions from other major producers. India, one of the largest buyers of Russian seaborne crude oil, is reportedly planning to reduce purchases, and this issue is expected to be a key topic in trade negotiations with the US this week. This combination of oversupply, sanctions, and demand dynamics is making market participants extra cautious before taking large positions in the oil market. (az)

Source: Newsmaker.id