Crude Oil Settles Below $69
WTI crude futures dropped 3.2% on Monday, settling at $68.90 per barrel, following reports suggesting Israel and Hezbollah may be close to reaching a cease-fire agreement within days.
Traders cautiously viewed the news as a positive sign, but doubts persist due to past failed cease-fires. Attention also shifts to escalating Ukraine-Russia tensions. In other developments, Iran announced plans to expand its nuclear fuel production following criticism from the UN atomic watchdog, preparing for potential sanctions under a possible second Trump administration.
Meanwhile, Azerbaijan's Energy Minister Parviz Shahbazov indicated that OPEC+ may keep current oil production cuts in place starting January 1, as the group continues to delay planned output increases due to demand concerns. The next OPEC+ meeting is scheduled for December 1 and will be held online.
Source: Trading Economics