Overview
- Brent fell about 2% to $64.33 and WTI to $60.11 on Tuesday, marking a third straight decline after early-week gains tied to trade headlines.
- OPEC+ is leaning toward a modest production increase in December, reversing earlier cuts and pressuring prices, according to sources cited by Reuters.
- U.S. Treasury Secretary Scott Bessent said officials outlined a very substantial U.S.–China trade framework, with Presidents Trump and Xi due to meet Thursday in South Korea.
- Last week’s rally after new U.S. and EU sanctions on Rosneft and Lukoil has cooled as analysts question how much Russian exports will be curbed given discounts and alternative shipping.
- Lukoil said it will sell its international assets, and Indian refiners paused new Russian crude orders pending guidance, while the IEA signaled surplus capacity could limit sanctions’ impact.