WTI crude futures held around $60 per barrel on Tuesday, trading sideways so far this week as investors awaited key industry reports amid growing concerns of a potential global supply surplus. OPEC is set to release its monthly market outlook on Wednesday, alongside the International Energy Agency’s annual outlook report. Oil prices have recently come under pressure as global supply is expected to outpace demand, with OPEC and allies, including Russia, easing output curbs while non-OPEC producers added barrels. Meanwhile, Russia’s top oil firms, Rosneft PJSC and Lukoil PJSC, face US sanctions linked to the Ukraine conflict, with Lukoil reportedly declaring force majeure on shipments from its West Qurna 2 field in Iraq. Elsewhere, US President Donald Trump said a trade deal with India is getting closer as New Delhi reduces Russian oil purchases.
