Biography Flash: Crude Oil Drops Below $64 as OPEC Freezes Output While Russia Sanctions Shake Markets
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Biography Flash: Crude Oil Drops Below $64 as OPEC Freezes Output While Russia Sanctions Shake Markets
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Brent crude oil is back in the spotlight today, with prices sliding to about 63.97 dollars a barrel as of Tuesday, down 1.41 percent from the previous day, capping four straight days of gains according to Trading Economics. The drop comes on the heels of OPEC Plus announcing it will pause any further output hikes for the first quarter of 2026 after a modest increase in December. Their move is all about seasonality and attempts to calm worries over a looming supply glut. That said, the alliance is still planning a small production bump of 137,000 barrels per day next month, but from January to March they’ll freeze output hikes—a reaction to weak demand forecasts and murmurs of excess supply ahead.
Meanwhile, Brent prices have fallen more than 15 percent compared to last year despite the short-term bullish signals some analysts flagged last week. Forex24 Pro suggests prices could be testing support levels near 63.65 soon, but there’s chatter about potential rebounds above the 70 dollar mark if buyers seize the momentum.
On the geopolitical front, crude oil traders are keyed into worsening disruptions in Russia. Fresh U.S. sanctions are squeezing Rosneft and Lukoil, compounding the fallout from a Ukrainian drone strike that set a Russian tanker ablaze and knocked out loading terminals at the Black Sea port of Tuapse—right where Rosneft has a major refinery. Supply risk remains real, even as most analysts peg the market for a move sideways in the short run.
Turning to West Texas Intermediate, WTI futures slipped to about 60.20 dollars a barrel, down 1.4 percent Tuesday and off over 16 percent year-on-year. According to Investing.com and Trading Economics, the seesaw in prices reflects the nervous tug-of-war between physical oversupply and ongoing supply threats from Russian sanctions and infrastructure attacks. Early market action today saw MCX crude trading lower in India at 5410 rupees per barrel, according to Angel One, matching the global trend.
On social media, the #OPEC hashtag is trending as industry watchers debate whether this output policy will be enough to prop up oil against record U.S. production numbers—now at an all-time high 13.8 million barrels daily, according to the U.S. Energy Information Administration.
For anyone tracking the long-term outlook, expectations are for Brent to move towards 65.81 dollars by quarter-end and possibly hit 71.21 in twelve months, while WTI is projected to recover to 62 and eventually rebound towards 67 if market balance improves later next year.
Thanks for listening to the Daily Crude Oil Price Tracker with Vanessa Clark. Be sure to subscribe so you never miss the latest updates on crude oil and its current trading price, and don’t forget to search "Biography Flash" for more great biographies.
And that is it for today. Make sure you hit the subscribe button and never miss an update on Recent News and Information from the past 24 hours on the commodity Crude Oil including latest trading price.. Thanks for listening. This has been a Quiet Please production."
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