The barrel of European Brent oil on ICE in November is valued at $ 65.55 for a barrel (41 cents per liter), gaining 1.5 percent American oil West Texas Intermediate costs at Nymex in New York $ 61.85 (39 cents per liter), higher by 1.6 percent
Oil is more expensive after OPEC+ agreed this weekend to only a slight increase in oil production in November, and this dispelled the predictions of traders regarding the possible drastic increase in raw material supplies from these oil producers.
At the Sunday meeting of the cartel and its allies, including Russia, oil ministers supported the increase in oil supplies with OPEC+ in November by 137 thousand barrels a daysignificantly below the numbers provided before this meeting, when Even an increase of 500,000 was pointed out. barrels a day.
“Bright page” of the expectations of oil prices
“This OPEC+ movement is definitely on the” clear “side of the market expectations” – indicates Chris Weston, head of the research department at Pepperstone Group. “Jasna”, of course, for players counting on oil prices and oil companies, but dark for drivers and, among others the Polish economy, which mainly imports oil. To the increase in oil prices in the dollar, the weakening of the zloty relative to the dollar on Monday by 0.6 percent, which will additionally burden drivers.
“OPEC+ oil increase will not have a positive effect on the concept of oil overpuration in 2026 on global markets, and Thus, the growth potential for oil prices “Visible, for example, today – it is rather limited” – adds an expert. Perhaps fuels will increase, but they will not be significant increases.
Oil is cheaper this year – Brent lost 8 percent last week. – Due to the fear that the world reserves of the raw material will exceed demand. Monday's growth is therefore only a correction of declines. Counting on Monday, the price of Brent went down by 4.2 percent.
The International Energy Agency forecasts a record annual oil surplus in markets in 2026, and many banks from Wall Street focus on lower oil prices. Brent on ICE according to average forecasts can cost $ 63 in the fourth quarter of 2025. for a barrel, and wti on nymex 60 dollars
