Oil Stable at $60, Imminent Crash?
Oil prices are trending flat. WTI is approaching $60/barrel after a slight rise, while Brent is around $64. The WTI prompt spread narrowed to 9 cents per barrel, its lowest since February, indicating less tight supply conditions. The market awaits the release of OPEC's monthly analysis on Wednesday and the IEA's annual outlook on the same day, before the IEA's monthly update on Thursday.
Price pressure remains. US oil futures are down about 16% this year after three consecutive months of losses. Expectations of a global surplus are growing as OPEC+ eases production curbs and non-alliance producers increase supply.
The direction of India's import flows is also under scrutiny. US President Donald Trump called a trade deal with New Delhi "very close" and said India had halted purchases of Russian oil. The US also imposed sanctions on Lukoil and Rosneft; Lukoil declared force majeure on shipments from the West Qurna 2 field in Iraq.
Latest prices: WTI December contract fell 0.2% to $60.01/barrel at 8:44 a.m. Singapore time. Brent January contract rose 0.7% to $64.06/barrel on Monday. All eyes are on the OPEC and IEA releases for future sentiment. (asd)
Source: Newsmaker.id
