Oil Halts Three-Day Gain

2025-11-12 01:23 By Kyrie Dichosa 1 min. read

WTI crude oil futures dipped below $61 per barrel on Wednesday, pausing a three-day gain as investors turned to reports for insights into the global crude outlook.

OPEC is set to release its monthly market report later today, followed by the International Energy Agency’s annual energy assessment, both expected to shed light on projections through 2026 amid ongoing oversupply concerns.

Limiting further losses, oil found support as fresh US sanctions on Russia began to disrupt crude and fuel markets.

Lukoil declared force majeure at an Iraqi field, marking the most significant fallout so far from last month’s sanctions.

Saudi Arabia, Iraq, and Kuwait also plan to boost December shipments to India as refiners seek alternatives to Russian supply.

Adding to bullish sentiment, optimism grew that the US government shutdown will soon end, lifting demand expectations.



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