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<\/a><\/figure>\n\n\n\nUp and down oil markets<\/h2>\n\n\n\n
Oil prices have had a chaotic month, trading in a relatively wide range below $60 a barrel and approaching $70 a barrel.<\/p>\n\n\n\n
The fluctuations have been driven by a mix of trade tensions between China and the United States, as well as US sanctions on Russian supply.<\/p>\n\n\n\n
Generally, prices have dropped as markets price in higher demand amid an expected glut\u2014and the trend reverses when trade tensions and sanctions point to demand decreasing and supply tightening.<\/p>\n\n\n\n
According to Bloomberg’s analysis of the markets, despite the dips and peaks, oil is still headed for a third monthly decline.<\/p>\n\n\n\n
It noted that investors are focused on how the US sanctions on Russia will affect flows to India, and whether trade talks with China will revive shipments of American crude to the world’s second biggest economy.<\/p>\n\n\n\n
India has indicated that it won’t stop importing Russian oil.<\/p>\n\n\n\n
US President Donald Trump said China would buy more US energy as part of a wider trade truce but investors are still waiting to see signs that the purchases will materialise. <\/p>\n\n\n\n
On the supply side, prices have been hurt by expectations that supply hikes from OPEC+ and rival drillers will drive production above demand. <\/p>\n\n\n\n
The International Energy Agency has warned that the surplus in 2026, which analysts have described as a \u201chighly credible scenario\u201d. <\/p>\n\n\n\n
The OPEC+ producers\u2019 group, meanwhile, will hold discussions on output policy this week. The alliance is expected to focus on reviving another sliver of production in December in a move that may amplify traders\u2019 concerns about a global glut.<\/p>\n","protected":false},"excerpt":{"rendered":"
Month-end data from the CEF points to a decent cut in petrol prices for November, with the official announcement expected in the coming days.<\/p>\n","protected":false},"author":10,"featured_media":821002,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9874],"tags":[8995,2171],"class_list":["post-841516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-cef","tag-petrol-price"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/841516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=841516"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/841516\/revisions"}],"predecessor-version":[{"id":841534,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/841516\/revisions\/841534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/821002"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=841516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=841516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=841516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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