Oil prices rise, achieve monthly gain

Oil drilling rigs

Oil prices recorded weekly losses, pressured by easing concerns over geopolitical tensions in the Middle East and the potential for increased supplies in 2025. However, Brent crude recorded slight monthly gains.

Brent crude futures for January 2025 delivery rose 0.15%, or $0.11, to $72.94 a barrel, recording a weekly loss of 2.95% and a monthly gain of 0.2%.

Meanwhile, futures prices for US West Texas Intermediate (WTI) crude for January 2025 delivery lost over 1%, or $0.72, to $68 per barrel, with weekly and monthly losses of 4.55% and 1.2%, respectively.

US crude oil production fell to 396.1 million barrels in September, down from 414.2 million barrels in August, marking the steepest monthly decline since January (approximately 23.4 million barrels), the US Energy Information Administration's (EIA) data showed.

Investors anticipate the upcoming OPEC+ meeting next week, where the alliance will discuss its plans for voluntary production cuts in the coming year. The meeting initially scheduled for Dec. 1 was pushed back to Dec. 5.