Oil Dips As Market Weighs OPEC+ Pause And Oversupply Concerns
West Texas Intermediate traded near $61 a barrel, while Brent settled just below $65 on Monday.
Oil dipped after a four-day run of gains as the market weighed OPEC+’s decision to pause output hikes early next year and contrasting views on supply.
West Texas Intermediate traded near $61 a barrel, while Brent settled just below $65 on Monday. The Organization of the Petroleum Exporting Countries and its allies said at the weekend they planned to hold back from lifting production quotas in the first quarter. That came as the market is widely expected to be headed for a glut.
US sanctions on Russia’s two biggest producers will delay cargoes and slow down trade, the heads of several oil majors said at a conference in Abu Dhabi. Eni SpA Chief Executive Officer Claudio Descalzi said he thought any oversupply would be short-lived.
Meanwhile, a massive Ukrainian drone strike in Russia’s Black Sea region has crippled a major Rosneft refinery in the area.
Prices:
WTI for December delivery slipped 0.2% to $60.96 a barrel at 7:40 a.m. in Singapore.
Brent for January settlement closed 0.2% higher at $64.89 a barrel.
