FX.co ★ Oil Rises After OPEC+ Keeps Output Unchanged

WTI crude oil futures rose by over 1% to reach $59.2 per barrel on Monday following OPEC+'s confirmation of its decision to halt production increases during the first quarter of the coming year. The group reaffirmed on Sunday the three-month suspension initially announced in early October, attributing the decision to seasonal factors. Nonetheless, the upward movement in crude prices is tempered by potential developments in the Russia-Ukraine peace negotiations, which might lead to the lifting of sanctions on Russian oil and introduce additional supply into a market already facing the likelihood of a substantial surplus next year. Oil prices declined for the fourth consecutive month in November, driven by concerns over a supply surplus. Additionally, over the weekend, President Trump intensified his warnings against Venezuela, initially issuing a stern statement that its airspace should be regarded as "closed," though he later softened his stance.