28.11.202501:12:18UTC+00Oil Eyes Fourth Consecutive Monthly Loss

West Texas Intermediate (WTI) crude oil futures hovered around $59 per barrel on Friday, marking a potential fourth consecutive monthly decline, which would be the longest downturn in over two years. These losses are primarily attributed to concerns surrounding oversupply. Projections of a global surplus intensified as OPEC+ resumed its production capacities and non-member countries boosted their output. Simultaneously, President Vladimir Putin remarked that suggestions from President Donald Trump for resolving the Ukraine conflict might form the basis for future agreements, indicating a willingness to engage in discussions. Should a resolution be reached, it could lead to the lifting of sanctions on Russian oil, allowing previously restricted supplies to reach key markets. Nonetheless, skepticism remains regarding the likelihood of an imminent agreement, and even if achieved, it is anticipated that Russian oil shipments will require time to increase. Market participants are now focusing on the upcoming virtual OPEC+ meeting scheduled for Sunday, where it is anticipated that the group will uphold its decision to pause output hikes until early 2026. Attention may instead shift toward a comprehensive, long-term review of member countries' production capacities.