Oil Heads for Worst Monthly Performance Since 2023

Oil prices are on track for their longest streak of monthly losses in more than two years, as traders await this week’s OPEC+ meeting and assess U.S. efforts to end the conflict in Ukraine.اضافة اعلان

Brent crude futures rose 0.52% on Friday to $63.67 a barrel, while U.S. West Texas Intermediate (WTI) crude stood at $59.08 a barrel on Wednesday, up 0.73%. There was no settlement on Thursday due to the Thanksgiving holiday in the United States.

According to Bloomberg, Brent crude has declined by 15% this year, pressured by expectations of a global supply surplus after OPEC+ restored some previously halted production capacity, while producers outside the alliance added further supply. The market is expected to face a daily surplus of 2.8 million barrels next year.

Both benchmarks are heading for a fourth consecutive monthly loss—the longest losing streak since 2023—as expectations of rising global supply continue to weigh on prices.