The Dec ’25 Brent futures contract rallied this afternoon, from $64.36/bbl at 12:00 BST to $64.69/bbl at 17:30 BST (time of writing). Crucially, prices this week have come off to below $65.00/bbl, its lowest levels since June 2025. In the news, Bloomberg reported that OPEC+ will consider reversing another 137kb/d of its previously announced production hikes in November. Elsewhere, a source in the Ukraine’s Security Service has claimed a Ukraine attack on Russia’s Orsk oil refinery, located near the border with Kazakhstan. In related news, Russian president Vladimir Putin criticized US President Trump’s recent pressuring of India to cease Russian crude oil imports. Putin denounced efforts from the US to push Russian crude out of the oil market, stating that India would not bow to US pressure. Finally, at time of writing, the front month Nov/Dec’26 and 6-month Dec/Jun’26 spreads are at $0.37/bbl and $0.68/bbl, respectively.
