Oil prices held steady in Asian trading on Tuesday as investors weighed OPEC+’s decision to slightly raise output in December against uncertainty surrounding new U.S. sanctions on Russia’s energy exports.
Brent crude futures slipped 0.2% to $64.77 a barrel, while West Texas Intermediate (WTI) futures also fell 0.2% to $60.95 a barrel. The market remained caught between concerns over potential oversupply and the risk of disrupted Russian exports.
OPEC+ confirmed it would increase output by 137,000 barrels per day in December but announced a pause on further production hikes until the first quarter of 2026, citing seasonally weaker demand. Analysts at ING said the pause was a “logical step amid a peak oversupply phase,” though sanctions on Russia could tighten supply faster than expected.
On the demand side, U.S. factory activity disappointed again, with the October ISM manufacturing PMI falling to 48.7 — marking the eighth consecutive month of contraction and signaling weaker industrial fuel demand. Traders now await U.S. API inventory data later in the day for fresh clues on near-term market direction.