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Oil prices rose in Asian trading on Friday, recovering from a three-week low and erasing much of their recent declines. The rebound came as traders grew more confident that strict U.S. sanctions on major Russian oil companies could help counter a projected global supply glut in 2026. Optimism also improved after the U.S. government reopened following a nearly 43-day shutdown, boosting expectations for stronger fuel demand.
Brent crude futures for January climbed 1.1% to $63.65 per barrel, while West Texas Intermediate (WTI) crude gained 1% to reach $59.24 per barrel as of 20:08 ET (01:08 GMT). Market sentiment improved after the U.S. Treasury confirmed that sanctions announced in late October against Rosneft and Lukoil—Russia’s largest oil producers—will officially take effect on November 21. Both companies have already begun reducing certain operations ahead of the deadline, and analysts expect the restrictions to further hinder Russia’s ability to export crude. The sanctions are part of broader efforts to pressure Moscow into halting its conflict with Ukraine, although no meaningful progress has been made.
Despite the price rebound, oil remains under pressure as fears of oversupply continue to weigh on the market. Both Brent and WTI traded relatively flat this week after sliding to multi-week lows. The downturn was triggered by a bearish report from the Organization of Petroleum Exporting Countries (OPEC), which shifted its forecast to a slight surplus in 2026—contradicting its previously optimistic outlook. Prices fell sharply on Wednesday, dropping around 4% following the announcement.
The International Energy Agency (IEA) added further downward pressure on Thursday, projecting an even larger supply surplus next year driven by increased production from OPEC and other major oil-producing nations. The agency also warned that global oil demand growth is expected to slow, citing rising economic uncertainty and weaker consumption patterns worldwide.
Overall, while U.S.-Russia sanctions are offering near-term support, concerns surrounding a potential 2026 supply glut and softer demand expectations remain key challenges for the oil market.
