Crude oil prices closed lower on Monday due to a risk-off sentiment among investors, weak US economic reports expected, and the resuming of operations at Russia’s key oil export port. Geopolitical tensions also supported prices, with Russia facing reduced crude exports due to attacks on refineries and terminals. OPEC’s revised estimates also contributed to the 3-week low in prices. OPEC+ announced production increases for December but plans to pause hikes in Q1-2026 to address the emerging global oil surplus. US crude production estimates were raised, and a record global oil surplus is forecasted for 2026. Crude oil stored on stationary tankers rose to the highest level since June 2024. US crude oil inventories were below the seasonal 5-year average, while crude oil production hit a record high. The number of active US oil rigs rose slightly but remains below previous highs.

Read more at Yahoo Finance: Crude Prices Fall on Risk-Off and Restarting of Russian Port