Oil extended losses on easing geopolitical tension in the Middle East
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.
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