Oil prices rose after OPEC+ added 137kb/d to the market in November, reversing the previous selloff. Iraq and Kazakhstan are adjusting production to compensate for overproduction. Despite this, prices remain below key moving averages, with the potential for a bullish catalyst to support higher prices.

China’s strategic oil stocks grew by 900,000 b/d between January and August, reducing global market supply. Europe’s gas inventories are climbing, nearing technical maximum fill. Natural gas prices in the US have rebounded due to Russian strikes and Qatar’s navigation suspension from GPS spoofing concerns in the Strait of Hormuz.

Overall, the oil price recovery has been weak, with potential for volatility due to Middle East developments. Europe’s gas prices have stabilized with ample inventories, but colder weather forecasts may increase demand. Natural gas prices rose due to geopolitical concerns affecting supply routes.

Read more at Yahoo Finance: Analysts Say China’s Stockbuilding, OPEC+ Stability Providing Market Floor