Overview
- Brent and WTI ticked higher after three straight declines, with industry data showing larger‑than‑expected U.S. draws in crude, gasoline and distillates last week.
- OPEC+ is leaning toward a modest December output boost, with some sources citing about 137,000 barrels per day, which market participants view as a headwind for prices.
- A U.S.–China trade‑deal framework lifted sentiment earlier, and traders are watching the Trump–Xi meeting in South Korea for signals on demand.
- Last week’s sharp rally followed new U.S. and EU sanctions on Russia’s Rosneft and Lukoil, yet analysts question how much exports will be curtailed given discounts and shadow‑fleet logistics.
- Lukoil said it will sell international assets after the sanctions, while several Indian refiners paused new Russian orders pending guidance, even as the IEA flagged ongoing surplus capacity and rising U.S. output.