Khaberni - Oil prices are heading towards the longest string of monthly losses in over two years, as traders await the “OPEC+” meeting this week and assess the American efforts to end the conflict in Ukraine.
Brent crude futures climbed today, Friday, by 0.52 percent to $63.67 per barrel, and the U.S. crude recorded $59.08 per barrel last Wednesday, an increase of 0.73 percent, with no settlement recorded yesterday, Thursday, due to the Thanksgiving holiday in the United States.
According to the economic site Bloomberg, Brent crude has fallen by 15 percent this year, with prices under pressure due to predictions of a global surplus after “OPEC+” restored some of its halted production capacity, while producers outside the coalition added more supplies. The market is expected to face a daily surplus of 2.8 million barrels next year.
Both contracts are heading towards recording a fourth consecutive monthly loss, the longest streak of losses since 2023, as expectations of rising global supply have impacted prices.
