31.10.202501:41:45UTC+00Oil Set for Third Monthly Drop

WTI crude oil futures edged closer to $60 per barrel on Friday, poised for a third consecutive monthly decline. This downturn is influenced by increasing global production in anticipation of the upcoming OPEC+ meeting. The cartel is contemplating a production boost of 137,000 barrels per day in December as part of its plan to reclaim market share. This move contributes to an already saturated market, with Saudi Arabia's crude exports climbing to a six-month peak of 6.41 million barrels per day in August, with further increases anticipated. Additionally, the EIA reported a historic US production level of 13.6 million barrels per day last week. These factors might mitigate the effects of recent US sanctions targeting major Russian oil producers, as investors closely observe the impact on exports to crucial buyers. Simultaneously, President Trump announced China's commitment to resume purchases of US energy, including a potentially substantial oil and gas agreement from Alaska. In other developments, a strong US dollar exerted downward pressure on commodity prices.