Oil Prices Fall Amid US Sanctions Against Russian Giants

OPEC+ increases production despite glut risks.

Oil prices fell in Asian trading on Nov. 11 as concerns over oversupply outweighed uncertainty over the impact of U.S. sanctions on Russian oil giants Rosneft and Lukoil.

According to Reuters.

Oil prices fell

Brent crude futures were down 12 cents, or 0.2%, to $63.94 a barrel as of 07:26 Minsk. U.S. West Texas Intermediate crude was at $59.99 a barrel, down 14 cents, or 0.2%.

The agency notes that both benchmarks had risen about 40 cents the day before.

Although progress toward the government reopening has generally supported the markets, concerns about the oversupply of crude oil are holding back prices.

OPEC+ production increases despite oversupply risks

"As OPEC production continues to rise, global oil balances become increasingly bearish on the supply side, with demand continuing to decline amid slowing economic growth among major consuming countries," analysts at consulting firm Ritterbusch and Associates said in a note.

Earlier this month, OPEC+ agreed to increase production targets for December by 137,000 bpd, the same as in October and November.

At the same time, the group also agreed to suspend production increases in the first quarter of next year.

US sanctions

Despite the oil glut caused by OPEC's supply surge, US sanctions remain a key factor. ANZ analysts said in a Tuesday note that US President Donald Trump's latest measures target Rosneft and Lukoil.

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