Oil rose in the early Asian session amid prospects for near-term geopolitical risks.
The price is seen as a key indicator of the kingdom's outlook on regional demand and the move follows OPEC+ pausing output increases for early next year.
Oil futures consolidated in the morning Asian session, but may be dragged by demand concerns
U.S. oil prices have dropped more than 15% so far this year to levels that could threaten the ability of smaller producers to earn a profit. And that's even before factoring in forecasts that could see the biggest global supply surplus on record next year.
The Trump administration has limited options to refill the Strategic Petroleum Reserves.
WTI and Brent oil prices consolidate near key Fibonacci zones as geopolitical tensions and a firm dollar limit gains; traders eye upcoming OPEC updates.
Saudi Aramco has reported a quarterly profit of $26.9 billon, slightly below last year's figure, as weak oil prices continue to weigh on the world's largest energy exporter. The result, which narrowly beat analysts' forecasts, highlights the pressure facing producers as concerns over oversupply keep global crude benchmarks near multi-year lows.
Third-quarter profit rose compared with the prior three-month period but declined on year as oil prices remained under pressure.
Major oil producers have little reason to celebrate with crude prices down by more than 10% so far this year and market forecasts for the biggest global supply surplus on record.
Oil supply growth outside OPEC+ could decline by April, while demand remains robust, BP's Chief Executive Murray Auchincloss said on Monday.
Natural gas climbs above $4.10 as tighter supply boosts sentiment, while oil consolidates near key resistance ahead of the OPEC+ output decision.
Oil prices climbed in early Asian trade on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, easing rising fears of a supply glut.