Crude Oil: Prices Stabilize as Market Focus Shifts from Trade Tensions to Sanction Impacts

Oil prices fluctuated between gains and losses on Monday after posting the largest weekly gain since June last week.

WTI fell by 0.3%, settling slightly above $61 per barrel, marking the second consecutive day of declines.

WTI crude oil futures for December delivery declined by 0.3%, closing at $61.31 per barrel.

Brent crude oil futures for December delivery settled at $65.62 per barrel.

Oil prices showed limited movement on Monday. Last week, crude oil surged nearly 7% in a single week as the U.S. blacklisted Rosneft and Lukoil to cut off critical revenue streams for Moscow. Lukoil issued a statement saying that due to recent sanctions, the company plans to sell its international assets.

Concerns over potential oversupply persist as OPEC+ continues to increase production, with some member countries, including Kuwait, signaling the possibility of further output hikes.

Representatives indicated that OPEC+'s baseline expectation is to continue with modest production increases at this weekend's key member meeting. The group currently plans to discuss raising output by 137,000 barrels per day for the third consecutive month. However, this report had minimal impact on oil prices.

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