Top oil exporter Saudi Arabia is expected to slash crude prices for Asian buyers in January to the lowest in years, largely tracking a slump in Middle East benchmark prices last month, traders said on Monday.
OPEC+ output decisions dominate markets, while geopolitical tensions and Chinese demand shape price volatility.
Oil rose in early Asian trade with traders focus on the coming OPEC+ production policy meeting on Thursday
Oil prices edged up on Monday supported by upbeat factory activity in the world's second largest oil consumer China and as Israel resumed attacks on Lebanon despite a ceasefire agreement, stoking tensions in the Middle East.
Crude oil drops 4.55% to $68, pressured by oversupply forecasts. Can OPEC+ extend deeper cuts to reverse bearish market sentiment?
The crude oil market continues to see a lot of sideways action overall, as the market is trying to build some kind of base. At this point, the market is going to continue to see a lot of shorter term trading than anything else.
The crude oil markets are sideways again, as the markets are trying to form some kind of base. At this point in time, the market is looking very sideways, and therefore, short-term traders will continue to bounce this market back and forth.
Oil futures fell Friday and were on track for hefty losses, feeling pressure after a cease-fire between Israel and Iran-backed Hezbollah helped soothe remaining worries over a wider conflict that could threaten crude supplies.
Oil prices drop over 3% this week as Israel-Hezbollah truce eases supply fears. OPEC+ output cut decisions and 2025 surplus forecasts weigh on the outlook.
Oil prices could stall in 2025 as economic weakness in China clouds the demand picture and ample global supplies outweigh support from an expected delay to a planned OPEC+ output hike, a Reuters monthly poll showed on Friday.
OPEC+ delays key meeting, adding uncertainty to oil supply strategies for 2024. Traders eye impacts on Brent, WTI, and Natural Gas prices.
Goldman Sachs' Samantha Dart predicts brent crude could reach $78 a barrel amid tight inventory and limited alternatives.