Oil in Worst Monthly Run Since 2023 as Glitch Halts US Futures
(Bloomberg) -- Oil headed for the longest run of monthly losses in more than two years, as traders looked ahead to an OPEC+ meeting this weekend and gauged US-led efforts to end the conflict in Ukraine.
Brent steadied above $63 a barrel after a modest advance on Thursday, The global crude benchmark is on course for a fourth straight monthly drop in November, the longest such streak since the period through May 2023.
West Texas Intermediate was near $59 before trading on Nymex froze in the Asian morning. Live trading of commodities futures on the Chicago Mercantile Exchange has halted due to technical issues, according to a notice on the CME Group website. Nymex is part of the CME Group.
OPEC+ nations meet virtually on Sunday and will probably stick with a plan to pause output increases in early 2026, delegates said. With that decision locked in, a key focus may be a long-term review of members’ capacity.
Brent oil has fallen 15% this year, with prices hurt by expectations for a global glut after OPEC+ restarted capacity, while drillers outside the alliance also added supplies. The market is facing a daily surplus of 2.8 million barrels next year, and 2.7 million in 2027, according to JPMorgan Chase & Co.
On Ukraine, Russian President Vladimir Putin said that US President Donald Trump’s proposals for ending the war could be the basis for future agreements, while signaling an openness to talks. US presidential envoy Steve Witkoff is expected to visit Moscow next week.
An end to the conflict would have significant ramifications for the oil market. Russia is one of the world’s leading producers and its flows are subject to heavy Western sanctions. Any easing of curbs following a deal could unleash restricted supplies to buyers such as China, India and Turkey.
“It may take some time for a potential Ukraine-Russia peace deal to go through as Russia may look to store up some barrels instead of rushing to sell them,” said Mukesh Sahdev, the founder and chief executive officer of XAnalysts Pty, an energy market analysis firm. That could make prompt prices slightly bullish, before it gets bearish, he said.
In a sign US sanctions are stressing Russian producers, the amount of crude stored at the nation’s oil fields has jumped to more than 16 million barrels, a level seen only twice since the invasion of Ukraine in 2022.
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