Print

International crude oil benchmarks continued to decline on Tuesday, 26 November 2024, following reports of a potential ceasefire agreement between Israel and Hezbollah, alleviating concerns over supply disruptions from the Middle East. Further downward pressure stemmed from forecasts of a global oil surplus by 2025.

Brent crude fell $0.20 and settled at $72.8/barrel. 

WTI decreased by $0.17 and closed at $68.77/barrel.

However, losses were limited by escalating tensions in Eastern Europe, which posed risks to regional oil supplies. Meanwhile, OPEC+ announced plans to postpone its scheduled production increase, originally set for January, to the second quarter of 2025, citing slowing global demand and sufficient supply from other producers.

Written by: Muhammad Hafiz