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Oil prices slipped in early Asian trading on Monday, weighed down by concerns over a potential global supply glut and renewed US-China trade tensions that have heightened fears of slower economic growth and weaker energy demand. Brent Crude futures fell $0.24, or 0.4%, to $61.05 a barrel, while US West Texas Intermediate (WTI) crude dropped $0.21, or 0.4%, to $57.33, erasing gains from the previous session. Both benchmarks declined more than 2% last week, marking a third consecutive weekly loss, following the International Energy Agency's warning of a growing supply surplus expected in 2026. Trade friction between the world's two largest oil consumers intensified after Washington and Beijing imposed additional port fees on vessels carrying goods between them — a tit-for-tat move that analysts say could disrupt global shipping flows and dampen demand for crude.

Oil prices rose around 1% on Thursday after US President Donald Trump said that Indian Prime Minister Narendra Modi had pledged his country would stop buying oil from Russia. Brent Crude futures rose 57 cents, or 0.9%, to $62.48 a barrel. US West Texas Intermediate (WTI) futures climbed 54 cents, or 0.9%, to $58.81. Both contracts touched their lowest since early May in the previous session on US-China trade tensions and after the International Energy Agency warned of a big surplus next year as OPEC+ producers and rivals lift output amid weak demand.

The price of Oman oil (November delivery 2025) reached USD 62.74 on Tuesday, marking a drop of USD 1.16 compared to Monday’s price of USD 63.90.The average price of Oman oil (October delivery 2025) has stabilized at USD 69.33 per barrel, which is USD 1.87 per barrel lower than the price for the September 2025 delivery.

The price of a barrel of Kuwaiti oil fell by USD 1.38, reaching USD 64.73 per barrel in trading Monday, compared to USD 66.11 last Friday, according to the price announced by the Kuwait Petroleum Corporation today. In global markets, the settlement price of Brent Crude futures fell 59 cents to USD 63.32 a barrel, while US West Texas Intermediate crude futures also fell 59 cents to USD 59.49.

Oil prices were little changed on Thursday as investors weighed a ceasefire deal in Gaza that could ease geopolitical tensions in the Middle East against stalled peace talks in Ukraine. Brent Crude futures rose 2 cents to $66.27 a barrel. US West Texas Intermediate crude fell 1 cent to $62.54. Prices had gained around 1% on Wednesday to reach a one-week high after investors viewed stalled progress on an Ukraine peace deal as a sign that sanctions against Russia will continue for some time.

Oil prices rose nearly 1% on Wednesday as investors shrugged off concerns about oversupply after digesting a decision earlier by OPEC+ to limit production increases next month. Brent Crude futures gained 63 cents, or 0.96%, to $66.08 per barrel, while US West Texas Intermediate (WTI) crude rose 66 cents, or 1.07%, to $62.39. The benchmarks had settled broadly flat in the previous session as traders weighed signs of a potential supply glut against the smaller-than-expected output increase announced by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

Japan recorded a current account surplus for the seventh consecutive month in August, driven mainly by lower prices of energy imports such as crude oil and natural gas. Preliminary data from the Ministry of Finance showed a surplus of 3.77 trillion yen (about $25 billion). The current account, a key indicator of a nation's trade and investment flows with the rest of the world, remained in positive territory but fell 4.8% from a year earlier, according to Japan's public broadcaster NHK World. The decline was largely attributed to a drop in the primary income surplus, reflecting lower dividends from overseas subsidiaries of Japanese financial and automotive companies compared with last year.

Oil prices climbed around 1% at Monday's close after OPEC+ announced a smaller-than-expected production increase for November, easing some supply concerns. However, weak demand outlooks may limit further gains in the near term. Brent Crude futures rose by 94 cents, or 1.46%, to settle at $65.47 per barrel, while US West Texas Intermediate (WTI) crude gained 81 cents, or 1.33%, to $61.69. OPEC+ said on Monday it would raise oil output by 137,000 barrels per day in November—the same increase that applied in October—amid ongoing concerns about oversupply.

The gross domestic product (GDP) of Gulf Cooperation Council (GCC) countries at current prices reached $588.1 billion at the end of the first quarter of 2025, compared with $570.9 billion in the same period of 2024, reflecting a 3% annual increase, according to data issued by the GCC Statistical Center (GCC-Stat). The statistics indicated that non-oil activities contributed 73.2% to the GCC's GDP at current prices by the end of the first quarter of 2025, while oil activities accounted for 26.8%. At constant prices, the GCC's GDP recorded marginal quarterly growth of 0.1% in the first quarter of 2025, compared with $587.8 billion in the fourth quarter of 2024. The figures highlight the region's continued progress in diversifying its economic base, supported by sustained expansion in non-oil sectors across member states.

Oil prices rose on Thursday, snapping a three-day losing streak and rebounding from 16-week lows. Brent Crude futures gained 15 cents, or 0.2%, to $65.50 a barrel. US West Texas Intermediate crude climbed by 14 cents, or 0.2%, to $61.92 a barrel. On Wednesday, Brent and WTI both lost about 1%, with Brent closing at its lowest since June 5 and for WTI since May 30. Crude inventories rose by 1.8 million barrels to 416.5 million barrels in the week ended on September 26.

Oil prices slipped nearly 1% on Monday after Iraq’s Kurdistan region resumed crude oil exports, and as OPEC+ plans another oil output hike in November. Brent crude futures fell 63 cents, or 0.90%, to $69.50 a barrel, after settling at their highest level since July 31 on Friday. U.S. West Texas Intermediate (WTI) crude was trading at $65.07 a barrel, down 65 cents, or 0.99%, giving back most of Friday’s gains. Both Brent and WTI rose more than 4% last week, marking their biggest weekly gains since June.

Oil prices held steady in early trade on Tuesday after rising in the previous session, as market participants contemplated potential supply disruption from Russia. Brent Crude futures edged up 4 cents to $67.48 a barrel, while US West Texas Intermediate crude was at $63.32, up 2 cents. On Monday, Brent settled up 45 cents at $67.44 while WTI settled 61 cents higher at $63.30.