HomeIndustriesOil Steadies After Longest Losing Streak in Five Years

Oil Steadies After Longest Losing Streak in Five Years

Oil prices stabilised on Monday morning, thereby bringing an end to the commodity’s longest weekly losing streak over the past five years. Global benchmark Brent crude hovered below $76 per barrel after a seven-week slide with traders appearing largely unphased by the latest output cuts announced by OPEC+.

Contrasting the OPEC+ alliance’s decision, production in the US is being ramped up with the nation announcing plans to refill the Strategic Petroleum Reserve. The U.S. is also expected to face its busiest year-end travel season since 2000 which is also expected to drive a surge in demand.

This output rise has rendered attempts to drive prices upwards unsuccessful, with Russia and Saudi Arabia’s decision to prolong their output cuts have little effect on prices. “There is little doubt that the oil complex remains in a state of vulnerability,” John Evans, an analyst at brokers PVM Oil Associates Ltd. in London reflected on the current market climate.

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