Overview
- Brent traded around $64 and WTI near $60 after small gains linked to Senate progress on a bill to reopen the U.S. government.
- Oversupply signals persisted with rising U.S. inventories, a sharp build in Asian floating storage, and an OPEC+ plan to add 137,000 barrels per day in December before pausing hikes early next year.
- Lukoil declared force majeure at Iraq’s West Qurna‑2 field in the clearest disruption yet from the latest U.S. sanctions, and Reuters reported Bulgaria was preparing to seize the company’s Burgas refinery.
- Refined products outperformed crude as European diesel margins hovered near 21‑month highs and gasoline profits reached an 18‑month peak, helping to support benchmark prices.
- Market structure softened with narrowing WTI prompt spreads, and traders looked to upcoming OPEC and IEA reports for guidance on a 2026 surplus outlook.