Overview
- Oil prices ticked higher, with Brent near $64 and WTI around $60 in early Monday trading.
- Hopes that the U.S. shutdown will soon end lifted demand sentiment after the Senate moved toward a reopening vote.
- OPEC+ has loosened output and approved a modest December increase, reinforcing concerns about a growing surplus after two weekly declines.
- Western sanctions targeting Rosneft and Lukoil are reshaping trade, with Hungary granted an exemption and more crude held in floating storage across Asia.
- Lukoil faces rising disruption before a Nov. 21 cutoff deadline after a planned asset sale to Gunvor fell through, while markets await fresh outlooks from OPEC, the IEA and the EIA this week.