Brent crude futures fell below $65 per barrel on Wednesday after three straight sessions of gains, as traders awaited key monthly reports from OPEC and the US Energy Information Administration, with the IEA’s outlook due Thursday. The International Energy Agency softened its previous view on peak oil demand, now projecting that global consumption could keep rising through 2050. Despite this, oil prices have weakened this year amid expectations of a large supply surplus, as OPEC+ restores capacity and non-member producers boost output. Still, losses were capped as US sanctions on Russia’s top oil firms linked to the Ukraine conflict appear to be taking effect, with Lukoil declaring force majeure on shipments from its West Qurna 2 field in Iraq. Meanwhile, Saudi Arabia, Iraq, and Kuwait plan to raise December exports to India as refiners seek non-Russian supplies, while optimism over a potential end to the US government shutdown also lent support to demand outlooks.
