Natural gas and oil rebound as OPEC+ holds supply steady and energy markets react to shifting geopolitical signals and improving technical momentum.
Oil rose in early Asian trade. Markets continue to focus on the progress of Russia-Ukraine peace talks, Nanhua Futures said.
Oil prices rose more than 1.5% on Monday after the OPEC+ meeting on Sunday decided against earlier planned production rises in the first quarter of next year.
WTI edges higher as traders assess peace talks, rising supply, weak oil demand, and OPEC policy, with analysis pointing to a bearish weekly oil outlook.
OPEC+ is likely to leave oil output levels for the first quarter of 2026 unchanged at its meetings on Sunday, three delegates from the group said on Saturday, moderating a push to regain market share amid fears of a looming supply glut.
Crude Oil Futures slip after a weak Friday close as rising Inventory, soft Oil Demand, and OPEC Production risks weigh on the broader Oil Outlook.
Crude oil saw a mild bounce in thin Friday trading, but both WTI and Brent remain stuck in broader downtrends. Key resistance levels sit overhead, keeping the market in a fade-the-rally posture unless major breakouts occur.
Oil prices remain on track for their largest yearly loss since the pandemic. They may be near a short-term bottom, however, with the lower prices likely to boost demand and temper global production.
Oil prices are projected to remain under pressure in 2026, as swelling supplies eclipse modest demand growth, while geopolitical risks could cap deeper losses, a Reuters poll showed on Friday.
WTI near $59 and Brent near $63 as traders weigh supply uncertainty and geopolitical shifts. Natural gas momentum improves with RSI signaling renewed buying interest.
The oil market feels “thin and directionless ahead of the OPEC+ meeting and the U.S. Thanksgiving lull,” said Phillip Nova.
Oil giants have fled California, but James Flores and his company Sable Offshore are desperate to get in, even if it means crossing swords with the state.