Oil prices rise amid supply concerns and deflationary pressures

International benchmarks for crude oil registered marginal gains on Monday, 11 December 2023 following a more than 2% surge in the prior session. Oil hovered just above the five-month low with oversupply in focus despite OPEC+’s pledges to extend and deepen output cuts.

Meanwhile, China grapples with escalating deflationary pressures. Investors are on edge, eagerly awaiting central bank interest rate decisions amidst uncertainties about crude oversupply and a potential slowdown in fuel demand growth for the coming year.

Brent gained 19 cents/barrel or 0.3%, closing to $76.03/barrel

WTI added 9 cents/barrel or 0.1%, closing at $71.32/barrel.