West Texas Intermediate (WTI) US Crude Oil prices have shown some resilience, holding steady below the $67.00 mark and attracting buyers as the new week begins. Currently trading just under the mid-$67.00s, the commodity has gained 0.60% for the day, recovering from a three-day losing streak that saw prices fall to a three-week low on Friday.
Last week, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided to delay planned supply increases by three months, pushing them to April. They also extended the full unwinding of production cuts until the end of 2026. Additionally, the ongoing Russia-Ukraine conflict and political instability in Syria, following the overthrow of President Bashar al-Assad by rebels, continue to drive geopolitical risks, supporting higher Crude Oil prices.
Signs of resilience in the US economy and optimism about President-elect Donald Trump’s policies potentially boosting fuel demand have also provided some support for oil. However, Saudi Arabia’s price cuts to Asian buyers have raised concerns over a slowdown in demand from China, the world’s largest oil importer. Worries about a potential oversupply of oil could limit significant gains in Crude Oil prices.
In addition, a report from Baker Hughes on Friday revealed that the number of oil and gas rigs in the US has reached its highest level since mid-September, signaling increased production in the world’s largest crude oil producer. This could further weigh on Crude Oil prices. As a result, analysts suggest waiting for stronger buying momentum before betting on a significant rise in oil prices.
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