Overview
- Benchmarks eased early Friday after a sharp jump but remain up about 7% for the week, with Brent near $65.6 and WTI around $61.4.
- The U.S. sanctioned Rosneft and Lukoil and the EU approved fresh measures targeting Russian energy infrastructure and shadow-fleet vessels, with some actions extending to LNG trade.
- Chinese state oil firms paused some Russian purchases and Indian refiners plan steep cuts pending clarity on compliance, with analysts flagging India as most exposed to disruption.
- Price support also came from an unexpected EIA crude draw, a planned 1 million‑barrel SPR refill for December and January, and a drop in stationary tanker stocks reported by Vortexa.
- Analysts caution the rally may be short-lived given rising U.S. supply, OPEC+ output increases, and Standard Chartered’s $15 cut to its 2026–27 oil price forecasts.