Brent crude futures fell by 1 cent to $71.11 per barrel by 1117 GMT. U.S. West Texas Intermediate crude futures rose by 1 cent to $67.21 per barrel.
Brent misplaced greater than 2.5% final week, whereas WTI noticed a drop of 1.2% as analysts projected a provide surplus subsequent yr on weak demand regardless of an OPEC+ determination to delay output hikes and lengthen deep manufacturing cuts to the tip of 2026.
Saudi Aramco, the world’s largest crude oil exporter, has diminished its January 2025 costs for Asian patrons to the bottom stage since early 2021, it stated on Sunday, as weak demand from prime importer China weighs in the marketplace.
In the meantime, Syrian rebels introduced on state tv on Sunday they’ve ousted President al-Assad, eliminating a 50-year household dynasty in a lightning offensive that raised fears of a brand new wave of instability in a Center East gripped by warfare.
On the availability facet, a rising variety of oil and fuel rigs deployed in america final week, pointing to rising output from the world’s largest crude producer, additionally pushed costs decrease. On Thursday, the Group of the Petroleum Exporting International locations and its allies, a gaggle generally known as OPEC+, pushed again the beginning of oil output rises by three months till April and prolonged the total unwinding of cuts by a yr till the tip of 2026.
