Oil fluctuates to the upside today

Oil prices settled in a narrow range on Tuesday, with Brent crude futures hovering around $64 per barrel, as the market awaited crucial reports that could reveal a potential global oversupply.

Cautious wait for energy reports

Traders in global markets are awaiting a trio of important data, with OPEC due to release its monthly report on Wednesday, revealing its outlook for the oil markets.

On the same day, the International Energy Agency (IEA) will release its annual long-term outlook, followed by its revised monthly report on Thursday, providing a clearer picture of market trends.

Challenges facing crude markets

Crude oil has been facing multiple pressures since the beginning of the year, with oversupply threatening to emerge as the OPEC+ alliance gradually eases production cuts.

At the same time, producers outside the alliance continue to ramp up production, adding further pressure on prices.

At its meeting earlier this month, the OPEC+ alliance agreed to increase production by 137,000 barrels per day (bpd) for December, while announcing the suspension of previously planned increases in early 2026.  

Geopolitical developments

On the geopolitical front, US President Donald Trump announced that India has stopped buying Russian oil under US pressure, a development that could affect global crude trade flows and reshape importers alliances.

The oil market remains in a state of anticipation, as markets await the next indicators from the reports of the International Energy Organizations to determine the price trends in the coming period.