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3h ago

Oil Edges Higher on Shutdown Progress With Oversupply Limiting Gains

Sanctions disruptions are being outweighed by swelling stocks that keep crude trapped in a tight range.

An aerial view shows the oil tanker named Boracay (also called Pushpa), a vessel being investigated by French authorities and suspected of belonging to the so-called "shadow fleet" involved in the Russian oil trade, off the coast of the western France port of Saint-Nazaire, France, October 2, 2025. REUTERS/Stephane Mahe
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Overview

  • Brent settled at $65.16 and WTI at $61.04 on Tuesday, extending modest gains but staying confined to a narrow band.
  • The House is set to vote Wednesday on a funding bill after the Senate’s approval, with a reopening expected to lift near‑term fuel demand.
  • Lukoil declared force majeure at Iraq’s West Qurna‑2 field, the most significant fallout yet from new U.S. sanctions on Russian oil majors.
  • Refined fuels outperformed crude as product export curbs lifted margins, with European diesel and gasoline profits at multi‑month highs.
  • Oversupply signals persisted with Asian floating storage roughly doubling, Vortexa citing about 95 million barrels on tankers, and WTI prompt spreads flattening to single‑digit cents as OPEC+ adds 137,000 bpd in December and plans a Q1 pause.