FX.co ★ Oil Holds Steady as Market Reports Eyed

WTI crude futures remained steady around $60 per barrel on Tuesday, maintaining a sideways trajectory this week as investors anticipate crucial industry reports amid rising concerns of a possible global supply glut. OPEC is scheduled to release its monthly market outlook on Wednesday, in conjunction with the International Energy Agency's annual outlook report. Recently, oil prices have experienced pressure due to predictions that global supply will surpass demand. This follows OPEC and its allies, including Russia, easing production restrictions, while non-OPEC producers have increased output. Meanwhile, Russia's leading oil companies, Rosneft PJSC and Lukoil PJSC, are contending with U.S. sanctions related to the Ukraine conflict, with Lukoil reportedly announcing force majeure on shipments from its West Qurna 2 field in Iraq. Additionally, U.S. President Donald Trump stated that a trade agreement with India is nearing completion as New Delhi reduces its purchases of Russian oil.