Oil in Worst Monthly Run Since 2023

Oil headed for the longest run of monthly losses in more than two years as traders looked ahead to an OPEC+ meeting this weekend and assessed U.S.-led efforts to end the conflict in Ukraine, Bloomberg News reported.

Brent oil has fallen 15% this year.

Brent steadied above $63 a barrel after a modest advance at one point last week. The global crude benchmark is on course for a fourth straight monthly drop in November, the longest such streak since the period through May 2023.

West Texas Intermediate (WTI) was near $59 before trading on Nymex froze in the Asian morning.

Brent steadied above $63 a barrel after a modest advance at one point last week. The global crude benchmark is on course for a fourth straight monthly drop in November, the longest such streak since the period through May 2023.

West Texas Intermediate (WTI) was near $59 before trading on Nymex froze in the Asian morning.

Live trading of commodities futures on the Chicago Mercantile Exchange was halted due to technical issues, according to a notice on the CME Group website. Nymex is part of the CME Group.

OPEC+ nations meet virtually on Sunday and will likely stick with a plan to pause output increases in early 2026, delegates said. With that decision effectively locked in, a key focus may be a long-term review of members’ capacity.

Brent oil has fallen 15% this year, with prices pressured by expectations of a global glut after OPEC+ restarted capacity while drillers outside the alliance also boosted supplies.

The market is facing a daily surplus of 2.8 million barrels next year and 2.7 million in 2027, according to JPMorgan Chase & Co.