FX.co ★ Oil Steadies Ahead Market Reports

Brent crude oil futures saw slight fluctuations, hovering around $64 per barrel on Monday in anticipation of upcoming reports concerning a potential global oil surplus. OPEC is set to unveil its monthly outlook on Wednesday, coinciding with the International Energy Agency's (IEA) annual forecast, which has already predicted a record oversupply by 2026. The IEA will also release its monthly update on Thursday. This year, crude oil has faced challenges, largely due to anticipated oversupply as the OPEC+ coalition eases production cuts while non-member countries continue to increase output. Earlier this month, the alliance agreed to a production increase of 137,000 barrels per day (bpd) for December, maintaining the levels set in October and November, with a pause in hikes expected in early 2026. Meanwhile, President Trump announced that India has ceased purchasing Russian oil under US pressure. Additionally, Lukoil has declared force majeure on shipments from Iraq's West Qurna 2 field.