Oil prices dipped on Tuesday, extending the previous session\u2019s more than 2% slide, as traders monitored geopolitical developments, ample supply signals, and the Federal Reserve\u2019s upcoming policy decision.<\/p>\n\n\n\n
Brent crude futures slipped 7 cents, or 0.1%, to $62.42 a barrel<\/strong>, while U.S. West Texas Intermediate (WTI) fell 13 cents, or 0.2%, to $58.75<\/strong> as of 07:17 GMT.<\/p>\n\n\n\n Monday\u2019s decline followed Iraq\u2019s restoration of production at Lukoil\u2019s West Qurna-2 field<\/strong>, one of the world\u2019s largest, adding to concerns over increasing supply.<\/p>\n\n\n\n Sentiment remained cautious as Ukraine prepared to present a revised peace plan<\/strong> to the U.S. after talks in London between President Volodymyr Zelenskiy and the leaders of France, Germany and the U.K.<\/p>\n\n\n\n \u201cOil is keeping to a tight trading range until we get a better idea of which way the peace talks will go,\u201d said Tim Waterer, chief market analyst at KCM Trade.<\/p>\n\n\n\n A breakdown in negotiations could push prices higher, he added, while progress toward a settlement \u2014 especially one that allows Russian supply to return more freely to global markets \u2014 could add downward pressure.<\/p>\n\n\n\n Meanwhile, the Group of Seven and the European Union<\/strong> are reportedly discussing replacing the current price cap on Russian oil with a full maritime services ban<\/strong>, a move aimed at curbing Moscow\u2019s energy revenues.<\/p>\n\n\n\n Analysts also pointed to the upcoming International Energy Agency (IEA) monthly report<\/strong>, due December 11, as a key catalyst.<\/p>\n\n\n\n \u201cThe next market driver is likely to be the IEA report, which has previously highlighted expectations for a record oil surplus in 2026<\/strong>,\u201d said Kelvin Wong, senior market analyst at OANDA.<\/p>\n\n\n\n Should the IEA continue to flag surplus risks, Wong noted that WTI could drift toward support at $56.80\u2013$57.50<\/strong> per barrel.<\/p>\n\n\n\n Markets are also bracing for the Federal Reserve\u2019s decision on Wednesday, with traders pricing in an 87% chance of a 25-basis-point rate cut<\/strong>.<\/p>\n\n\n\n Lower interest rates typically support oil demand by easing borrowing costs, but analysts suggested the near-term impact on crude prices may be limited given overriding geopolitical and supply factors.<\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices dipped on Tuesday, extending the previous session\u2019s more than 2% slide, as traders monitored geopolitical developments, ample supply signals, and the Federal Reserve\u2019s upcoming policy decision. Brent crude futures slipped 7 cents, or 0.1%, to $62.42 a barrel, while U.S. West Texas Intermediate (WTI) fell 13 cents, or 0.2%, to $58.75 as of …<\/p>\n","protected":false},"author":9,"featured_media":60920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[],"class_list":["post-121557","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/121557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=121557"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/121557\/revisions"}],"predecessor-version":[{"id":121558,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/121557\/revisions\/121558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/60920"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=121557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=121557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=121557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Markets Track Ukraine Peace Efforts<\/strong><\/h3>\n\n\n\n
Supply Outlook Hinges on IEA Report<\/strong><\/h3>\n\n\n\n
Fed Rate Cut Expectations Add a Secondary Influence<\/strong><\/h3>\n\n\n\n