Biography Flash: Crude Oil Edges Higher as OPEC Freezes Output While Russia Faces New US Sanctions cover art

Biography Flash: Crude Oil Edges Higher as OPEC Freezes Output While Russia Faces New US Sanctions

Biography Flash: Crude Oil Edges Higher as OPEC Freezes Output While Russia Faces New US Sanctions

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 Recent News and Information from the past 24 hours on the commodity Crude Oil including latest trading price. Biography Flash a weekly Biography.

Brent crude oil has edged slightly higher to 64.77 dollars per barrel as of Monday, showing a minuscule 0.01 percent uptick from yesterday, but still down a hefty 13.7 percent compared to last year’s levels according to Trading Economics. Meanwhile, West Texas Intermediate, or WTI, crude in the US has crept up to 61.11 dollars per barrel, up 0.21 percent on the day but with an even sharper 14.5 percent drop year on year. Oil markets have been on a modest rebound for four consecutive sessions, driven by the latest OPEC Plus bombshell over the weekend. The cartel confirmed it will boost output by 137,000 barrels a day in December—much like October and November—but crucially, it has signaled a freeze on production hikes through March, citing seasonal patterns and a need to calm oversupply fears. This pause has been a soothing balm for bullish traders fretting about a market glut, though the one-two punch of robust US and North Sea output is keeping a cap on wild price moves.

Layered on top of usual supply and demand moves, there’s real geopolitical drama: the US has just slapped fresh sanctions on Russian oil titans Rosneft and Lukoil, trying to squeeze flows to Asia, while Ukrainian drone strikes targeted a major oil terminal at Tuapse, a key Russian Black Sea port, torching a tanker and adding a new level of risk premium. There’s also chatter about a possible US strike in Venezuela escalating tensions and supporting prices, though US production remains at a record 13.6 million barrels a day in July, more than enough to keep a lid on any runaway rally.

On the technical front, Orbex analysts say crude bounced down from recent resistance around 62.60 and broke below the key 60-dollar support, hinting at further drops unless bulls mount a comeback towards resistance. There’s support sitting at 58.50, with bigger falls expected if that breaks, while the upper resistance now sits at 62.60 and beyond.

Looking ahead, the US Energy Information Administration forecasts Brent will fall to an average of 62 dollars per barrel in the final quarter of 2025 and could drop further next year as global oil inventories are seen rising thanks to robust supply from outside the OPEC cartel, especially in North America. China’s inventory buildup this year is also noted as a key trend, quietly supporting prices even in the face of growing supply.

For the market-watchers, all eyes will be on global stock levels and geopolitical news for the next move. Thanks for listening to the Daily Crude Oil Price Tracker with Vanessa Clark. Don’t forget to subscribe so you never miss an update, and search the term Biography Flash for more great biographies.

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