Oil Prices Extend Losses as Market Awaits OPEC+ Decision

Oil prices continued to decline on Monday, pressured by uncertainty surrounding the upcoming OPEC+ meeting and doubts over whether the group will deepen or extend production cuts into early 2026.

Market Moves

Brent and WTI both slipped further after last week’s drop, with traders increasingly cautious as messaging from key producers remains mixed. Some OPEC+ members have signaled support for additional supply reductions, while others appear hesitant due to concerns about losing market share.

What’s Driving the Weakness

• Demand worries: Slowing industrial activity in Europe and China continues to weigh on demand expectations.

• High inventories: U.S. crude stockpiles have risen for multiple weeks, reinforcing the view that global supply is currently outpacing consumption.

• OPEC+ uncertainty: The absence of clear guidance ahead of the group’s meeting has left the market in a holding pattern, prompting more defensive positioning among energy traders.

Market Impact

Energy equities across Europe and the Gulf traded mostly lower, with oil-sensitive currencies — particularly the Norwegian krone and Canadian dollar — showing slight intraday weakness.

What Traders Should Watch

• The final communique from the OPEC+ meeting later this week, which will shape price direction into December.

• Inventory and refinery demand trends in the U.S., as these remain key drivers of short-term price swings.

• Whether speculative positioning turns more defensive, which could accelerate selling if the group disappoints expectations.