Oil Holds Decline

2025-12-09 01:32 By Judith Sib-at 1 min. read

WTI crude oil futures traded around $59 per barrel on Tuesday after sliding 2% in the previous session, as expectations of a supply glut outweighed geopolitical risks.

Investors are now awaiting reports from the IEA and OPEC+, due later this week, for updated supply-demand guidance.

In mid-October, the IEA projected a sizeable surplus for 2026, while OPEC+ last month revised its Q3 outlook from a deficit to a surplus.

Further weighing on prices, reports on Monday indicated that Iraq has restored production at Lukoil’s West Qurna-2 oilfield, which represents 0.5% of global supply, following a temporary shutdown caused by an export-pipeline leak.

These supply developments have largely offset geopolitical risk premiums stemming from stalled Ukraine peace negotiations and growing tensions between the US and Venezuela.

Traders are also watching the US Federal Reserve, which is expected to cut rates by 25bps, a move that could boost economic activity and energy demand.



News Stream
Oil Eases as G7 Plans Reserve Release
Crude oil trimmed losses to trade near $92 a barrel on Friday after reaching a one-month low of $88.06 earlier in the session, as G7 nations announced plans to release crude and diesel reserves to ease surging fuel prices. The G7 will deploy 100 million barrels of reserves over the next four months. G7 leaders also agreed to “refrain from export restrictions on energy and energy products between G7 countries” and called on producers to avoid measures that could exacerbate market tensions, according to their joint statement. Meanwhile, crude oil exports from the Persian Gulf are at or near prewar levels, although volumes remain volatile. On the other hand, the US is reportedly sending a third aircraft carrier strike group to the Middle East, raising concerns over a potential escalation in the months-long conflict and renewed supply risks.
2026-10-02
Crude Oil Slides to 1-Month Low
Crude oil fell to a one-month low of $88.06 a barrel on Friday, before paring losses to around $89 a barrel, after the Group of Seven agreed to consider releasing up to 100 million barrels of emergency oil and diesel reserves to ease fuel costs. The coordinated release, overseen by the International Energy Agency, is expected to take place over four months, French President Emmanuel Macron said. Macron indicated that the initiative aims to bring down prices following pressure from the Trump administration to address tightening fuel markets. Meanwhile, Middle Eastern crude exports have recovered close to pre-war levels, although uncertainty surrounding US-Iran negotiations continues to cloud the outlook. The Strait of Hormuz remains a key concern, with reported tanker attacks underscoring persistent shipping risks and the US strengthening air defences around energy facilities in Saudi Arabia and Qatar.
2026-10-02
Crude Oil Hits 4-week Low
Crude Oil decreased to 88.54 USD/Bbl, the lowest since September 2026. Over the past 4 weeks, Crude Oil lost 2.52%, and in the last 12 months, it increased 46.19%.
2026-10-02