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Commodity News Details
Oil slips below $60 mark as supply worries build
18-Nov-2025 12:22
WTI crude oil futures fell toward 59 per barrel in mid Asia trade, extending recent losses as fears of excess supply outweighed support from upcoming US sanctions on Russian oil. The U.S. has banned dealings with major producers Lukoil and Rosneft from November 21, while new legislation aims to penalize countries still trading with Russia. OPEC+ held to its steady supply plan, lifting December targets by 137,000 barrels per day but indicating a pause in increases during Q1 2026, which helped anchor expectations. Geopolitical tensions offered mild support, yet the broader tone remained weak. International crude traded near 59.39 per barrel, down nearly 1 percent, while MCX December oil futures hovered around Rs 5278, lower by more than 1 percent.

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