Brent for January settlement closed 0.2% higher at $64.89 a barrel. (Source: Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Oil dipped after a four-day run of gains as the market weighed OPEC+’s decision to pause output hikes early next year and contrasting views on supply.

West Texas Intermediate traded near $61 a barrel, while Brent settled just below $65 on Monday. The Organization of the Petroleum Exporting Countries and its allies said at the weekend they planned to hold back from lifting production quotas in the first quarter. That came as the market is widely expected to be headed for a glut.

US sanctions on Russia’s two biggest producers will delay cargoes and slow down trade, the heads of several oil majors said at a conference in Abu Dhabi. Eni SpA

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