FX.co ★ Oil Halts Three-Day Gain

On Tuesday, WTI crude oil futures slipped below $61 per barrel, halting a three-day increase as investors sought insights from reports regarding the global crude market outlook. OPEC is anticipated to publish its monthly market report today, which will be followed by the International Energy Agency’s annual energy forecast. These reports are expected to provide projections through 2026 amidst ongoing concerns of oversupply. Recently, oil prices rose due to new US sanctions on Russia, which have begun to affect crude and fuel markets. Lukoil announced a force majeure at an Iraqi oilfield, representing the most significant impact from the sanctions implemented last month. Meanwhile, Saudi Arabia, Iraq, and Kuwait are preparing to boost December shipments to India as refiners look for alternatives to Russian supplies. Furthermore, optimism is increasing that the US government shutdown will end soon, which enhances demand expectations.