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What is the story about?
Oil rose after OPEC+ confirmed it will stick with plans to pause production hikes during the first quarter, while traders weighed the fallout from President Donald Trump’s rhetoric around Venezuela.
Brent traded above $63 a barrel, and West Texas Intermediate was close to $60. The producer-group led by Saudi Arabia reiterated the three-month halt, which was first announced at the start of last month. OPEC+ again said that the move reflected weaker seasonal market conditions.
Oil posted a fourth consecutive monthly drop in November as expectations for a swelling surplus weighed on the outlook. The International Energy Agency is forecasting a record glut in 2026, while JPMorgan Chase & Co. sees crude falling toward $50 a barrel. Still, geopolitical tensions have often buoyed prices this year.
On Saturday, Trump escalated pressure on Venezuela by warning that airlines should consider the airspace above and around the country to be closed, before downplaying those comments on Sunday. However, US forces have been massing in the region, keeping the market on edge.
WTI’s trading volume was robust early in Asia following an hours-long outage on the Chicago Mercantile Exchange’s trading platform that roiled global markets on Friday as the US was celebrating Thanksgiving.
Also Read: Asian stocks fluctuate, oil rises on OPEC+ move
Brent traded above $63 a barrel, and West Texas Intermediate was close to $60. The producer-group led by Saudi Arabia reiterated the three-month halt, which was first announced at the start of last month. OPEC+ again said that the move reflected weaker seasonal market conditions.
Oil posted a fourth consecutive monthly drop in November as expectations for a swelling surplus weighed on the outlook. The International Energy Agency is forecasting a record glut in 2026, while JPMorgan Chase & Co. sees crude falling toward $50 a barrel. Still, geopolitical tensions have often buoyed prices this year.
On Saturday, Trump escalated pressure on Venezuela by warning that airlines should consider the airspace above and around the country to be closed, before downplaying those comments on Sunday. However, US forces have been massing in the region, keeping the market on edge.
WTI’s trading volume was robust early in Asia following an hours-long outage on the Chicago Mercantile Exchange’s trading platform that roiled global markets on Friday as the US was celebrating Thanksgiving.
Also Read: Asian stocks fluctuate, oil rises on OPEC+ move
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