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Commodity News Details
Oil nears $60 on geopolitical tensions and OPEC+ freeze
01-Dec-2025 13:30
WTI crude oil approached $60 per barrel after rising over 2%, supported by OPEC+ reaffirming its plan to freeze output hikes through Q1 next year to prevent a potential supply overhang. MCX December crude futures also gained nearly 1% to ₹5367. Prices saw added support from brief geopolitical tensions as US President Donald Trump warned Venezuela over its airspace, though he later softened the message. Still, optimism remained limited as prospects of a Russia-Ukraine peace deal increased the chances of sanctions on Russian oil being lifted, keeping supply concerns in focus. Despite Monday's bounce, crude ended November with a fourth straight monthly decline.

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