Oil in Worst Monthly Run Since 2023 With OPEC+, Ukraine in Focus
Oil headed for the longest run of monthly losses in more than two years, as traders looked ahead to an OPEC+ meeting this weekend and gauged US-led efforts to end the conflict in Ukraine.
Brent was steady above $63 a barrel after a modest advance on Thursday, while West Texas Intermediate was near $59. The global crude benchmark is on course for a fourth straight monthly drop in November, the longest such streak since the period through May 2023.
OPEC+ nations meet virtually on Sunday and will probably stick with a plan to pause output increases in early 2026, delegates said. With that decision locked in, a key focus may be a long-term review of members’ capacity.
Oil in the Longest Run of Monthly Losses Since 2023Traders focus on an OPEC+ meeting, US-led efforts for Ukraine deal
Brent oil has sunk 15% this year, with prices hurt by expectations for a global glut after OPEC+ restarted capacity, while drillers outside the alliance also added supplies. The market faces a daily surplus of 2.8 million barrels next year, and 2.7 million in 2027, according to JPMorgan Chase & Co.
On Ukraine, Russian President Vladimir Putin said that US President Donald Trump’s proposals for ending the war could be the basis for future agreements, while signaling an openness to talks. US presidential envoy Steve Witkoff is expected to visit Moscow next week.
An end to the conflict would have significant ramifications for the oil market. Russia is one of the world’s leading producers and its flows are subject to heavy Western sanctions. Any easing of curbs following a deal could unleash restricted supplies to buyers such as China, India and Turkey.
Brent for January settlement, which expires Friday, was at $63.27 a barrel at 10:03 a.m. in Singapore.
The more-active February contract was steady at $62.86 a barrel
WTI for January delivery was at $59.02 a barrel, 0.6% higher than Wednesday’s close.
Source : Bloomberg.com
