Oil Markets on Alert with This Data!
Oil prices are stable. Brent is hovering below $64/barrel after a small rise, while WTI is approaching $60. The WTI prompt spread narrowed to its lowest since February at 9 cents, indicating less tight supply conditions and a market sense of surplus.
Market participants are awaiting key releases: the OPEC monthly report and the IEA annual outlook on Wednesday, followed by the IEA monthly snapshot on Thursday. The IEA has previously projected a record supply glut by 2026, so any additional signals could reinforce its medium-term bearish bias.
Price pressure is also coming from the global supply side. OPEC+ is beginning to ease production curbs, while non-alliance producers are increasing output. In the US, oil futures are down ~16% this year after three consecutive months of decline—a reflection of growing surplus expectations.
From a geopolitical and demand perspective, India is in the spotlight following signals of a trade deal with the US and claims to have stopped buying Russian oil. The US has also sanctioned Lukoil and Rosneft; Lukoil has declared force majeure on shipments from West Qurna 2 in Iraq. Tuesday's trading is likely to be quiet due to the US federal holiday: at 1:02 p.m. Singapore time, Brent Jan was down 0.2% at $63.92 and WTI Dec was down 0.2% at $59.99. (asd)
Source: Newsmaker.id
